Greek households raised spending in the third quarter of 2016

Greek households and non-profit institutions offering services to households raised their consumer spending by 1.6 billion euros, of 5.5 pct in the third quarter of 2016 to 31.8 billion euros from 30.2 billion in the same period in 2015, Hellenic Statistical Authority said on Wednesday.

This development, which it is expected to have a positive impact on the country’s GDP, was recorded despite the fact that households’ available income fell by 600 million euros, of 2.3 pct to 28.9 billion euros in the same period. Greek households’ saving rate was -10.2 pct in the third quarter of 2016 from -2.2 pct in the same period in 2015.

The statistics service, in the report, said that private investments (gross fixed capital investments) grew 8.3 pct or by 175 million euros in the third quarter of 2016. The country’s external balance of goods and services recorded a surplus of 5.1 billion euros, from a surplus of 5.8 billion in 2015.