Greek households lost an additional 14 billion euros of available income

Greek households lost an additional 14 billion euros of available income in 2013,according to data released by the Hellenic Statistical Authority (ELSTAT).

This was mainly the result of a 10.7% reduction in workers΄ wages and a 12.3% reduction in social transfers received by households; Available income of households was thus reduced 10.2%, falling to 122.2 billion euros by the end of 2013 from 136.2 billion euros at the end of 2012; In the five years since the start of the economic crisis in Greece, the available income of Greek households was slashed 48.4 billion euros as a result of austerity policies, from an initial figure of 170.6 billion euros in 2009.

As a result, final consumer spending by households and non-profit organizations serving households fell by 4.8 billion euros (down 3.6%), to 129.9 billion euros at the end of 2013 from 134.7 billion euros at the end of 2012.