In November 2023, deposits in households and businesses in Greece recorded a further reduction of 904 million euros (compared to 2.243 billion euros in October), according to official data from the Bank of Greece (BoG).
The data revealed the economic strain Greek households and businesses are under due to the high cost of living in the country.
As the BoG official report showed, deposits of businesses decreased by 748 million euros, while those of households decreased by 156 million euros.
The monthly net flow of total deposits was negative, amounting to 932 million euros in November 2023, compared to a negative net flow of 1.883 billion euros in October 2023.
Deposits from the general government decreased by 27 million euros in November 2023, in contrast to an increase of 261 million euros in the previous month. The annual rate of change was -8.3%, improving from -9.1% in the previous month.
Deposits from the private sector decreased by 904 million euros in November 2023, compared to a decrease of 2.143 billion euros in the previous month. The annual rate of change was 2.4%, slightly down from 2.5% in the previous month.
Deposits from businesses experienced a reduction of 748 million euros in November 2023, compared to a decrease of 2.044 billion euros in the previous month. The annual rate of change was -1.6%, a decrease from -0.4% in the previous month. Specifically, deposits from non-financial corporations (MXE) decreased by 626 million euros, while deposits from insurance corporations and other financial institutions decreased by 123 million euros.
Deposits from households and private non-profit institutions decreased by 156 million euros in November 2023, compared to a decrease of 100 million euros in the previous month. The annual rate of change was 3.7%, slightly increasing from 3.5% in the previous month.
