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Gross disposable income continues to decline; households in their effort to preserve their living
standards have moved into a negative savings ratio.
-12.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
8.0
Q1
/07
Q3
/07
Q1
/08
Q3
/08
Q1
/09
Q3
/09
Q1
/10
Q3
/10
Q1
/11
Q3
/11
Q1
/12
Q3
/12
Q1
/13
Q3
/13
Q1
/14
Q3
/14
0
20
40
60
80
100
120
140
160
180
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
Gross Disposable Income Final Consumption
Source: Bank of Greece, Eurostat Piraeus Bank Research 13
Travel Balance (cumulative, mn €)
Industrial Production Index in Manufacturing (ΥοΥ % change, sa data)
-2000
0
2000
4000
6000
8000
10000
12000
Jan
.
Jan
.-Fe
b.
Jan
.-M
ar.
Jan
.-A
pr.
Jan
.-M
ay
Jan
.-Ju
n.
Jan
.-Ju
l.
Jan
.-A
ug.
Jan
.-Se
p.
Jan
.-O
ct.
Jan
.-N
ov.
Jan
.-D
ec.
2012 2013 2014 2015
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
Jan
-11
Ma
r-1
1
Ma
y-1
1
Jul-
11
Se
p-1
1
No
v-1
1
Jan
-12
Ma
r-1
2
Ma
y-1
2
Jul-
12
Se
p-1
2
No
v-1
2
Jan
-13
Ma
r-1
3
Ma
y-1
3
Jul-
13
Se
p-1
3
No
v-1
3
Jan
-14
Ma
r-1
4
Ma
y-1
4
Jul-
14
Se
p-1
4
No
v-1
4
Jan
-15
Ma
r-1
5
Q1 15': +5.5% ΥοΥ
14
Turnover Index in Motor Trade (ΥοΥ % change, sa data)
Volume Index in Retail Sales (excl. automotive fuels, ΥοΥ % change, sa data)
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-11
Jan
-12
Mar
-12
May
-12
Jul-
12
Sep
-12
No
v-12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-13
Jan
-14
Mar
-14
May
-14
Jul-
14
Sep
-14
No
v-14
Jan
-15
Mar
-15
Q1 15': +1.7% ΥοΥ
Source: Eurostat, ELSTAT, Piraeus Bank Research
-60.0
-50.0
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
Q1/
03
Q3/
03
Q1/
04
Q3/
04
Q1/
05
Q3/
05
Q1/
06
Q3/
06
Q1/
07
Q3/
07
Q1/
08
Q3/
08
Q1/
09
Q3/
09
Q1/
10
Q3/
10
Q1/
11
Q3/
11
Q1/
12
Q3/
12
Q1/
13
Q3/
13
Q1/
14
Q3/
14
Turnover Index in Motor Trade Average (2001-2014)
Source: MinFin, ELSTAT, Piraeus Bank Research
15
Public Investment Programme, Disbursements (flows, mn €, 12m MA)
Production Index in Construction (contributions, 2010=100)
-60.0
-40.0
-20.0
0.0
20.0
40.0
60.0
80.0
Q1
/11
Q2
/11
Q3
/11
Q4
/11
Q1
/12
Q2
/12
Q3
/12
Q4
/12
Q1
/13
Q2
/13
Q3
/13
Q4
/13
Q1
/14
Q2
/14
Q3
/14
Q4
/14
Building Construction
Civil Engineering
Production Index in Construction (YoY % change)
400.0
500.0
600.0
700.0
800.0
900.0
1000.0
Jan
-07
Ap
r-07
Jul-
07O
ct-0
7Ja
n-0
8A
pr-
08Ju
l-08
Oct
-08
Jan
-09
Ap
r-09
Jul-
09O
ct-0
9Ja
n-1
0A
pr-
10Ju
l-10
Oct
-10
Jan
-11
Ap
r-11
Jul-
11O
ct-1
1Ja
n-1
2A
pr-
12Ju
l-12
Oct
-12
Jan
-13
Ap
r-13
Jul-
13O
ct-1
3Ja
n-1
4A
pr-
14Ju
l-14
Oct
-14
Jan
-15
Ap
r-15
Disbursements (12m moving average,flows)
Source: ELSTAT, Piraeus Bank Research 16
Gross Fixed Capital Formation, Residential
(current prices, ESA 2010)
Residential Investment is still suffering in the aftermath of the recession and from an uncertain
tax environment. The significant decline in the fixed capital formation and the continuing high
level of capital consumption are driving the net capital formation into negative territory.
Fixed Capital Formation in Non Financial
Corporations (current prices, €mn, ESA 2010)
-3000
-2000
-1000
0
1000
2000
3000
4000
5000
6000
Q1
/07
Q3
/07
Q1
/08
Q3
/08
Q1
/09
Q3
/09
Q1
/10
Q3
/10
Q1
/11
Q3
/11
Q1
/12
Q3
/12
Q1
/13
Q3
/13
Q1
/14
Q3
/14
GFCF Net Fixed Capital Formation
-60.0
-40.0
-20.0
0.0
20.0
40.0
60.0
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Residential (% of total) Residential (YoY% change)
Source: IMF, Piraeus Bank Research
Privatisation Revenues (% of GDP)
17
Privatisation Revenues (mn €, cumulative )
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2013 2014 2015 2016 2017 2018 2019 2020
0
5000
10000
15000
20000
25000
2013 2014 2015 2016 2017 2018 2019 2020
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