Greece: Survey finds 2013 household budgets devastated, inequality persists

The rate of decline in 2013 shows a deceleration compared to the -10.2 percent posted in 2012.

Austerity measures with further salary and pension cuts and tax hikes resulted in a change in the household consumption pattern in 2013. In particular, the survey unveiled a shift from spending on transport, durables, housing, hotels-cafes-restaurants, miscellaneous goods and services, education and communication towards food, health, alcoholic beverages and tobacco.

In absolute terms, the highest YoY decrease in expenditure was posted in durables (-11.6 percent), education (-11.3 percent) and transport (-9.9 percent).

In contrast, the lowest declines were recorded in health (-0.3 percent), recreation and culture (-5.6 percent) and food (-6.5 percent), while alcoholic beverages and tobacco showed a marginal rise of 0.1 percent.

The breakdown of goods and services expenditure by sub-categories revealed that the highest YoY drop in 2013 was posted in liquid fuels (-17.56 euros) and restaurants (-14.82 euros), which both correspond to one third of the total expenditure drop.

On the flipside, expenditure for medicines (+5.11 euros), cafes (+3.68 euros) and tobacco (+3.4 euros) showed the highest increase.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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