The standard of living of vulnerable households has suffered a setback for the period 2021-2023, despite the rise in minimum wages, as outlined in the interim report from the labor institute of the General Confederation of Greek Workers (GSEE).
Notable reductions are evident in energy consumption (heating, natural gas, electricity), while the most economically challenged households are cutting back on vegetables, fish, and pasta.
Attempting to limit essential goods like bread proved challenging, leading to increased financial strain due to rising prices. There has been a significant drop in meat consumption across all households, and the impact of inflation on cheese consumption has been particularly high.
GSEE President Giannis Panagopoulos, addressing the recent General Council meeting, highlighted that inflation surged to 31.2% in food and non-alcoholic beverages. Increases in electricity, natural gas, and other fuels reached 39.1%, rents rose by 8.3%, and other goods and services related to housing repair and maintenance by 7.9%.
According to the data, Greeks rank last in per capita income purchasing power, coupled with the sixth-highest indirect tax burden in the European Union. It is noteworthy that the purchasing power of the minimum wage in October 2023 equaled that of 2015.
The General Confederation of Greek Workers has declared a general strike for April 17, with the main demand being an increase in all wages beyond the minimum wage.
Source: tovima.com
Latest News
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?
EIB Appoints Greece’s Ioannis Tsakiris as New VP
Ioannis Tsakiris started the new role May 1 after spending 15 years at the European Investment Fund (EIF) and serving as Greece’s Deputy Minister for Development and Investments
Two Greek Beaches in Top 50 in the World
Both Greek beaches were on the list of the best beaches in Europe too
Eurostat: Greece 20th out of 26 European States in Hourly Average Wage
According to figures released by Eurostat, the Benelux Grand Duchy of Luxembourg, one of Europe’s hubs for finance, is in first place
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations
RRF: Additional €5.1bln Funds for Subsidies to Greece in 2025
By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients
OECD: Greek Economy Resilient with 2% Growth Forecast for 2024
However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%