EL STAT Hellenic Statistical Authority : Quarterly Non-Financial Sector Accounts (Provisional Data), 3rd Quarter 2019

HELLENIC REPUBLIC	Piraeus, January 24, 2020
HELLENIC STATISTICAL AUTHORITY

PRESS RELEASE

QUARTERLY NON-FINANCIAL SECTOR ACCOUNTS: 3rd Quarter 2019 (Provisional data)

The Hellenic Statistical Authority (ELSTAT) announces the provisional data for the quarterly non-financial sector accounts for the 3rd quarter of 2019. Quarterly non-financial sector accounts provide an overall description of the Greek economy, based on the analysis of the economic behavior of the institutional sectors constituting the economy (households and non-profit institutions serving households, non- financial corporations, financial corporations, general government) and the relations of the national economy with the rest of world.

The data which are presented in the present Press Release have been compiled according to the European System of National and Regional Accounts (ESA2010 - Regulation (EU) 549/2013).

The data cover the period 1999Q1 - 2019Q3.

During the third quarter of 2019, the external balance of goods and services recorded a surplus of 6.27 billion euro compared to a surplus of 4.91 billion euro recorded at the third quarter of 2018.

Moreover, during the 3rd quarter of 2019, the external balance of primary income, current and capital transfers, recorded a deficit of 0.55 billion euro. The corresponding figure for the 3rd quarter of 2018 was a deficit of 0.43 billion euro.

As a result of the above, the total economy (S.1) presented net lending of 5.72 billion euro to the rest of the world (S.2) in the 3rd quarter of 2019. A year before, net lending was 4.48 billion euro (Table 1, Graph 1).

Table 1*

(in billion €)

Total Economy (S.1)

1. Imports of goods and services
2. Exports of goods and services

(3)=(2)-(1)External balance of goods and services

External balance of primary incomes, current and capital

1. transfers

(5)=(3)+(4)Net Lending (+) /net borrowing (-)

Rest of the World (S.2)

(6)=-(5) Net Lending (+) /net borrowing (-)

2019 Q3	2018 Q3	Difference
17.42	17.22	0.21
23.70	22.13	1.57
6.27	4.91	1.36
-0.55	-0.43	-0.12
5.72	4.48	1.24
-5.72	-4.48	-1.24

*Small deviations in sums are due to rounding

Information on methodological issues:	Information for data provision:
National Accounts Division	Tel: [phone], 2308, 2310
National Accounts Synthesis Section	Email:[e-mail]
Anastasia Katsika, Panagiotis Loutas
Tel: [phone]
Fax: [phone]
Email: [e-mail], [e-mail]

Graph 1. Net lending (+) / net borrowing (-) Total Economy

8000

6000

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2000

0

-2000

-4000

-6000

-8000

2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

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2019Q3

During the third quarter of 2019, disposable income of the households and non-profit institutions serving households (NPISH) sector (S.1M) increased by 3.5% in comparison with the same quarter of the previous year, from 30.8 billion euro to 31.9 billion euro.

Table 2 presents the absolute values and the annual changes for the transactions of the secondary distribution of income account for households and non-profit institutions serving households (NPISH) sector for the third quarter of the years 2019 and 2018, which affect the gross disposable income.

Table 2

Secondary distribution of income account (in million €)

Transactions and	Uses	y-o-y %	Resources	y-o-y %
balancing items
		2019Q3	2018Q3	2019Q3-	2019Q3	2018Q3	2019Q3-
		2018Q3	2018Q3
B.5g	Balance of
	primary				33,800	32,073	5.4%
	income gross
D.5	Current taxes
	on income,	3,373	3,343	0.9%
	wealth, etc.
D.6	Social	7,216	6,905	4.5%	8,550	8,702	-1.8%
	contributions
D.7	Other current	699	383	82.5%	799	629	27.0%
	transfers
B.6g	Disposable	31,860	30,773	3.5%
	income gross

2

Final consumption expenditure of the households and non-profit institutions serving households (NPISH) sector increased by 0.9% in comparison with the same quarter of the previous year, from 32.3 billion euro to 32.6 billion euro (Graph 2).

Graph 2. Households and NPISH gross disposable income and final consumption expenditure growth

(change compared to the same quarter of the previous year)

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5%

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-10%

-15%

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Disposable income, gross

Final consumption expenditure

The saving rate of the households and NPISH sector, defined as gross saving divided by gross disposable income was -2.4% in the third quarter of 2019 compared to -5.1% in the third quarter of 2018 (Graph 3).

Graph 3. Saving rate of households and NPISH

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2012Q1

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3

During the third quarter of 2019, the gross fixed capital formation of the non-financial corporation sector (S.11) amounted to 2.7 billion euro.

The gross investment rate of the sector, defined as gross fixed capital formation divided by gross value added, was 16.7% compared to 17.2% in the third quarter of 2018 (Graph 4).

Graph 4. Gross investment rate of non-financial corporations

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0%

2012Q1

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Net lending of general government (S.13) during the third quarter of 2019 amounted to 3.1 billion euro compared to 2.5 billion euro of net lending in the third quarter of 2018 (Graph 5).

Graph 5. Net lending (+)/ net borrowing (-) of General Government

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	EXPLANATORY NOTES
General:	The quarterly non-financial sector accounts (QSA) provide a description
	of the different stages of the economic process: production, generation
	of income, distribution of income, redistribution of income use of income
	and non-financial accumulation. They also provide a list of balancing
	items that have high analytical value in their own right: value added,
	operating surplus and mixed income, balance of primary incomes,
	disposable income, saving, net lending / net borrowing.
Legal basis:	The QSA are compiled in accordance with the European System of
	Accounts -ESA2010of the Council Regulation (EU) No 549/2013 of the
	European Parliament and of the Council of 21 May 2013.
Reference period:	The accounting period is the quarter.
Geographical coverage:	The whole Greek territory.
Unit of measure:	The economic data are published in million euro.
Revision:	The quarterly non-financial sector accounts are revised following the
	revisions of annual non-financial sector accounts, quarterly national
	accounts and quarterly non-financial accounts of General Government, in
	order to ensure coherence between them.
Statistical classification:	The standard followed is the European System of Accounts (ESA
	2010). The main categories are the institutional sectors and the
	transactions recorded between the sectors. The institutional sectors
	combine institutional units with similar characteristics and behaviour and
	are classified as follows:
	Total Economy (S.1)
	Non-financial corporations (S.11)
	Financial corporations (S.12)
	General government (S.13)
	Households and non-profit institutions serving households (NPISH)
	(S.1M)
	Rest of the World (S.2)
Publication of data:	QSA data are published at about 120 days after the end of the reference
	quarter.
References:	More information on the methodology and detailed tables are available
	on ELSTAT website:
	http://www.statistics.gr/en/statistics/-/publication/SEL91/-

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