Work hard, earn little: Making ends meet becomes a luxury in Greece
Greece is facing a deepening cost-of-living crisis as average wages remain among the lowest in the European Union, while prices of basic goods continue to surge. Data from Eurostat and national statistical agencies paint a clear picture of the strain on households.
Wages Far Below the EU Average
According to Eurostat, Greece ranks near the bottom of the EU in full-time annual earnings. The average annual salary stands at around €18,000, placing the country just above Bulgaria. The EU average, by contrast, is €39,800. Comparable countries fare far better: average wages reach €40,800 in Spain and €23,500 in Italy.
A Greek worker earns less than half the EU average. Yet OECD data show that Greece remains one of Europe’s most hard-working countries in terms of hours worked. Low productivity, a business landscape dominated by small enterprises, and reliance on low-value-added services prevent long working hours from translating into higher income.
Price Surge in Essential Goods
The wage stagnation is accompanied by a sharp rise in prices for everyday products. According to ELSTAT data, prices have increased dramatically over the past three years:
Bread: +25.6%
Meat: +38.3%
Fish: +21.8%
Dairy: +32.5%
Chocolate: +39.8%
Coffee: +36.2%
Oil: +23.8%
Although inflation eased to 2% in October, the accumulated financial burden is far heavier. A basic grocery basket now costs nearly one-third more than in 2022, while wage increases have remained limited.
Purchasing power has eroded significantly. Despite recent adjustments to the minimum wage, net incomes remain among the lowest in the Eurozone. Meanwhile, the middle class is squeezed by rising taxes, rents, and everyday expenses.
A Dual Pressure on the Economy
Consumption—historically a key driver of Greece’s economic growth—is showing signs of weakening. Businesses struggle to keep prices competitive and are unable to raise wages. As living costs rise and productivity stagnates, wage growth remains subdued, reinforcing a cycle that hinders both household welfare and broader economic recovery
