Greece's private consumption hits 13-year high, but recovery remains uneven
Greece recorded its highest level of real per capita private consumption in 13 years in 2024, marking a symbolic recovery milestone following years of deep economic crisis and austerity.
According to Eurostat data, private consumption in Greece reached 81% of the EU average—a modest increase from 80% in 2023, but still far below pre-crisis levels and the European norm.
This figure, while encouraging, paints a mixed picture. It signals gradual improvement, but also highlights how far Greece still lags behind even after years of fiscal discipline and structural reforms.
Pre-Crisis Levels Still Distant
In 2009, just before Greece entered a decade of bailouts and austerity, the country’s real per capita consumption was 3% above the EU average. By 2012, that number had dropped to 80%, a level that remained virtually unchanged until the recent uptick.
Although Greece’s consumption levels have stabilized, they remain at the same levels recorded during the early bailout years—offering a reminder of the long-term impact of the financial crisis.
Comparison with Other Crisis States
Other European countries that faced similar fiscal challenges—such as Portugal, Ireland, Spain, Italy, and Cyprus—have managed to rebound more robustly. Many of them returned to higher consumption and growth trajectories significantly earlier than Greece.
This lag in recovery has left Greece ranked 21st in the EU for per capita private consumption in 2024, unchanged from the previous year. In 2009, Greece held the 13th position, and even during the early bailout years in 2012, it ranked 15th.
Looking Ahead
While the latest data points to resilience in household spending, economists caution that Greece’s recovery remains fragile. Structural issues, inflation, and the need for further reforms continue to weigh on broader economic performance.
The challenge for Greece now is to translate this modest consumption growth into sustainable economic momentum—bridging the gap with the EU average and reversing over a decade of income and consumption stagnation.
