Greek households' disposable income grew faster than consumer spending in the third quarter of 2024 for the first time in a year.

In fact, according to ELSTAT data, Greeks declared more than they spent in absolute terms, in a reversal of the patterns of recent years, which, when combined with the AADE data, can be partly attributed to the curbing of tax evasion.

Specifically, disposable income of the household and non-profit institutions serving households (NPIs) sector increased by 7.3% compared to the same quarter of the previous year to €43.46 billion from €40.50 billion. This is the fastest growth recorded since the third quarter of 2023. 

In the same period, consumer spending "ran" at a rate of 5.9% and stood at 43.1 billion euros from 40.7 billion euros. Consumer spending has been growing at roughly the same pace for the past year, having slowed significantly after the large changes in 2021-2022.

Note that according to ELSTAT data, this is the first time in a year that the growth rate of disposable income has exceeded consumer spending. 

Thus, the savings rate was positive, albeit marginally, after two years. In particular, the household and MFI savings rate, defined as gross savings to gross disposable income, was 0.8% in Q3 2024, compared with -0.5% in Q3 2023.