Ordinary Greeks and businesses are dipping into their savings to manage the detrimental impact of rising costs, as the latest official data from the Bank of Greece (BoG) shows.
The data revealed that private sector deposits were down by €2.258 billion in October 2024, a stark contrast to the €2.324 billion increase recorded in the previous month.
More specifically:
According to the Bank of Greece data, business deposits fell sharply by €2.122 billion in October 2024, while household deposits also declined, albeit more modestly, by €136 million.
The net monthly flow of total deposits was negative, amounting to €1.869 billion in October 2024, compared to a positive net flow of €2.361 billion in September 2024.
Government deposits in Greece saw an increase of €389 million in October 2024, compared to a €37 million rise in the previous month. The annual rate of change improved slightly to -12.1% from -14.2% in September.
In contrast, private sector deposits decreased by €2.258 billion in October 2024, following a €2.324 billion increase in September. Despite the decline, the annual growth rate of private sector deposits remained steady at 3.3%.
In October 2024, the monthly net flow of credit to individuals and private non-profit institutions was negative by €78 million, compared with a negative net flow of €21 million in the previous month; the annual growth rate stood at -0.7%, compared with -0.8% in the previous month.
In October 2024, the monthly net flow of total deposits was negative by €1.869 billion, compared with a positive net flow of €2.361 billion in September 2024.
