Greek households’ real income significantly lower than in 2009

Greek households’ real income is significantly lower than it used to be in 2009, with Greece being the only country among those affected by the debt crisis that has not recovered the losses of the memorandum period.

According to the study by the Center for Liberal Studies (KEFIM) signed by Nikos Rompapas and Konstantinos Saravakos, the real income of Greek households remained, in 2024, 15% lower than in 2009, on the eve of Greece’s accession to the Support Mechanism.

The study examines the evolution of real disposable household income over the period 2004-2024 in Greece and other countries that have been in economic crisis (Spain, Italy, Ireland, Cyprus and Portugal). Greece and, to a lesser extent, Italy are the only countries in the crisis that have not returned to pre-crisis levels of real income.

According to the study’s conclusions:

In the 20-year period 2004-2024, Greece and Italy are the only six countries under consideration that have not returned to pre-crisis levels. During this period, the EU-27 has recorded a 22% increase in real income, while Greece recorded a 5% decrease. In 2024, the real income of Greek households remained 15% lower than in 2009.

Compared to 2012, Greece currently records a significant increase of approximately +22.7%, while Cyprus is at +28.4%, Ireland at +26.6%, Portugal at +25.9%, Spain at +17.9% and Italy at +7.8%. Greece records the fourth best performance among the crisis countries, behind Cyprus, Ireland and Portugal, but ahead of Spain and Italy.

ΔΙΑΒΑΣΤΕ ΕΠΙΣΗΣ

Οι ΗΠΑ σφίγγουν τον ναυτικό αποκλεισμό: Ιρανικά τάνκερ κάνουν αναστροφή και ζιγκ-ζαγκ για να αποφύγουν τις αμερικανικές δυνάμεις

Compared to 2015, Greece recorded one of the strongest recoveries with +23.5%, while Cyprus was leading with +38.6%, Ireland at +24.8%, Portugal at +23.8%, Spain at +14.2% and Italy at +6.9%.

Greece recorded the fourth highest performance after Cyprus, Ireland and Portugal. Finally, compared to 2019, Greece recorded the highest income increase with +14.3%, with Portugal following at +12.4%, Cyprus at +11.3%, Ireland at +10.3%, Spain at +5.8% and Italy at +4.3%.

Consequently, Greece is in first place among the crisis countries and well above the EU average.