The Greek Statistics Authority ELSTAT has published on the financial status of Greeks in the first semester of 2013. The data indicated that the available income of households was reduced by 6.2% for a total of 29 billion euros, compared to the first trimester of 2012 (30 billion euros).
ELSTAT attributes this to the 11.1% reduction in wages and the 11.7% reduction of welfare available to households. The average household expenses were reduced by 8.9% (from 35.6 billions to 32.4 billions) compared to the previous years. Savings were also reduced by 11.7% this year, following a 15% reduction in the same period in 2012.
The Statistics Authority data demonstrates that the net borrowing of the economy was 4.8 billion euros, down from the 5.7 billion euros that was required in 2012. The reduction is attributed to the drop of imports.
The net borrowing of the general government was estimated to be 7.4 billion euros, up from 3.9 billion euros in 2012. The increase of the deficit is attributed to the capital transfers a part of the government support program for certain banks.
