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Greeks lost € 2.7 billion in 2016

Featured Greeks lost € 2.7 billion in 2016

A year-on-year decrease of € 2.7 billion or 2.3% compared to 2015, was registered in the disposable income of households and non-profit institutions serving households, standing at € 114 billion, down from € 116.7 billion a year ago.

As a result, final consumption expenditure declined by € 1.3 billion or by 1%, from € 123 billion to € 121.7 billion.

These figures are derived from the Greek Statisticw Authority ELSTAT Annual Non-Financial Accounts of Institutional Sectors, according to which the saving rate of households and non-profit institutions serving households (defined as Gross Savings on Gross Disposable Income) was -6.8% in 2016 compared to -5.4% in 2015.

While the growth rate of investment in the non-financial corporate sector (defined as gross fixed capital formation to gross value added) was 18.2% in 2016 compared to 15.2% in 2015.

Last year, a € 1.3 billion deficit in the external balance of goods and services was recorded compared to a surplus of € 0.1 billion recorded in 2015.

At the same time, the overall economy showed a net lending of € 1.7 billion for foreign transactions in 2016 compared to 2015 when it amounted to € 4.2 billion.

Imports of goods and services stood at € 54.3 billion last year (from € 55.8 billion in 2015) and exports of goods and services to € 53.1 billion. (from € 55.9 billion).