BoG: Greek Deposits Surge in December 2024

According to official data released by the Bank of Greece (BoG) a surge was recorded in Greek deposits,  both household and business, in December of 2024. Figures show that the significant increase was 5.654 billion euros.

This is largely attributed to the payment of the Christmas bonus for employees, along with the increased business turnover during the holiday season, which resulted in a positive condition for deposits in Greek banks. Household deposits grew by nearly 2.5 billion euros, while business deposits increased by 3.161 billion euros.

However, according to official BoG data the annual growth rate slowed to 4.5%, down from 5.0% in November.

Business Deposits

Corporate deposits surged by 3.161 billion euros in December, up from 1.718 billion euros in November. Despite this, the annual growth rate dropped to 10.8% from 11.9%. Specifically, non-financial corporations (NFCs) saw their deposits grow by 2.919 billion euros, compared to 1.368 billion euros in the prior month.

Meanwhile, deposits from insurance companies and other financial institutions increased by 242 million euros, slightly lower than the 350 million euros rise recorded in November.

Household Deposits

Deposits from households and private non-profit institutions also saw a notable boost, rising by 2.493 billion euros in December—up significantly from 551 million euros in the previous month. However, the annual growth rate of household deposits eased to 2.4%, down from 2.8% in November.

Public Sector Deposits

The net monthly flow of total deposits recorded a positive balance of 5.243 billion euros in December 2024, compared to a positive net flow of 3.068 billion euros in November of the same year.

However, deposits held by the general government decreased by 411 million euros in December, following an increase of 799 million euros in the previous month. The annual rate of change in government deposits stood at 7.5%, recovering from a decline of -1.7% recorded in November.