Household income nosedives in Q2

Greek households are suffering a major blow from the pandemic, as in the second quarter of the year alone, which included the lockdown, their collective disposable income went down by 3.9 billion euros, or by 11.8% compared to the same time last year.

Household income losses predictably brought about a drop in consumption, as reflected on the turnover of most economic sectors, from tourism and food service to entertainment and even retail commerce. The data of the Hellenic Statistical Authority (ELSTAT) coincide with the figures of the Bank of Greece about the increase in savings, which is related to reduced consumption due to the lockdown and the fear of a further recession.

The statistics ELSTAT published on Friday showed that households' disposable income amounted in the second quarter to €28.96 billion, down from €32.83 billion in Q2 of 2019. A similar reduction...