Nominal wages are gradually recovering their pre-crisis levels, with the Hellenic Statistical Authority (EL.STAT.) recording a significant increase of at least 8% in the relevant indicators.
However, this increase in nominal wages seems not to be enough to eliminate yet another negative lead of the country at the European level: the fact that savings remain negative. This is reflected because in addition to nominal income, consumption is also increasing accordingly. It is not the larger volume that leads the consumer race, but the successive increases in prices.
According to official data, the change in consumption was greater than the increase in disposable income.
The hopes for the return of savings to positive territory are now being transferred to next year. With the containment of inflation, the reduction of taxes, but also the new nominal increases, there are quite a few possibilities for this “gap” of 1.3 billion euros on a quarterly basis to be covered.
The question is whether the rate of income growth will be maintained now that the path is also opened for the signing of new Collective Labor Agreements (CLA). However, despite the reduction in unemployment, the phenomenon of thousands of vacant jobs persists, with the latest data recording the second largest number of vacant positions in the last several years.
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