Greece: Inflation at 3% – disposable income of households increases by 7%

The disposable income of Greek households increased by 7% per year in the second quarter of 2021, after an increase of 5.1% in the first quarter, according to data from the Greek Statistical Authority (ELSTAT). Final household consumption increased by 15.3% in the same period.

Retail sales rose for the fifth consecutive month in August, but at a slightly lower rate of 8.8% per year compared to 13.1% in July. Data from ELSTAT show the largest increases in pharmaceuticals and cosmetics, followed by clothing and footwear and automotive fuels.

Economic sentiment rose 3.7 points in October to 112.4 points, after falling 3.3 points in September. The index has risen by 20.6 points since the beginning of the year, according to figures from the European Commission. However, consumer confidence continued to deteriorate, falling by 6.4 points to -44.7 points in October, wiping out profits since the beginning of the year.

Credit expansion slowed to 0.7% year-on-year in September, from 0.8% in August according to the Bank of Greece (BoG).

Private sector bank deposits increased by 443m euros in September, compared with an increase of 1.48 billion euros in August, according to BG. Total deposits are now 173.86 billion euros, the highest level since November 2011.

Inflation reached 3% in October according to Eurostat, a 10-year record for Greece, but lower than the eurozone monthly average of 4.1%. The energy sub-index, however, increased by 25.3% compared to the euro area average of 23.5%.

Finally, the rating agency S&P has halted the release of a new credit rating for Greece at the latest planned review point, which means that the year will end with a BB rating and a positive outlook for Greek debt. .

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