An 8.5% increase was recorded in the second quarter of last year, according to ELSTAT, in the disposable income of households and non-profit institutions serving households compared to the corresponding quarter of the previous year, from 32.39 billion euros to 35, 16 billion euros.
While, the third quarter of 2023 increased by 1.8% compared to the corresponding quarter of the previous year, from 38.67 billion euros to 39.36 billion euros.
What the figures for final consumer spending showed
In the second quarter of 2023, final consumption expenditure by households and non-profit institutions serving households increased by 7.2% compared to the corresponding quarter of the previous year, from €35.8 billion to €38.4 billion . euro. In the third quarter of 2023, final consumer spending increased by 4.6% compared to the corresponding quarter of the previous year, from €35.7 billion to €37.4 billion.
While, the savings rate, defined as gross savings to gross disposable income, was -9.2% in Q2 2023 compared to -10.6% in Q2 2022. The same rate was 5 .1% in Q3 2023 compared to 7.7% in Q3 2022.
From her data ELSTAT for the quarterly non-financial accounts of institutional sectors for Q2 and Q3 last year, the following also emerges:
In the second quarter of 2023, the gross fixed capital investment of the non-financial companies sector amounted to EUR 3.8 billion. The sector’s investment ratio, defined as gross fixed capital investment to gross value added, was 20.5% compared to 19.5% in Q2 2022. In Q3 2023, gross fixed investment capital of the non-financial companies sector amounted to 3.7 billion euros. The sector’s investment ratio, defined as gross fixed capital formation to gross value added, was 18% compared to 17.6% in Q3 2022.
What did the data for the external balance of goods and services show?
In the second quarter of 2023, a deficit was recorded in the external balance of goods and services of 2.32 billion euros, compared to a deficit of 4.57 billion euros recorded in the second quarter of 2022. While, in the third quarter of 2023, a surplus was recorded in external balance of goods and services of 4.08 billion euros, against a surplus of 1.2 billion euros recorded in the third quarter of 2022.
In addition, according to iefimerida, in the second quarter of 2023 a deficit was recorded in the external balance of primary income, current and capital transfers of 1.17 billion euros, against a surplus of 1.18 billion euros recorded in the corresponding previous quarter. While, in the third quarter of 2023, a deficit was recorded in the external balance of primary incomes, current and capital transfers of 1.47 billion euros, against a surplus of 0.44 billion euros recorded in the corresponding previous quarter.
The General Government sector posted net lending of €0.9 billion in Q2 2023, compared to Q2 2022 when net lending was €0.8 billion. Whereas, in the 3rd quarter of 2023 the General Government sector presented net lending of 1.3 billion euros, compared to the 3rd quarter of 2022 when the net borrowing was 1.2 billion euros.
As a result of the above, the overall economy showed net lending of 2.61 billion euros in the third quarter of 2023. In the corresponding previous quarter, net lending amounted to 1.64 billion euros.
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