Arab Press

بالشعب و للشعب
Thursday, Dec 26, 2024

Cost of living soars in Greece despite economic recovery

Cost of living soars in Greece despite economic recovery

Greece has outpaced most European economies in the past years, but why can't citizens afford basic goods, and why are employers short of staff?

High growth, debt reduction, and increasing investments: Greece’s economy has performed strongly in the past two years, outpacing most European countries. Greece is no longer the “black sheep” of the European family, but rather a success story of reform and recovery.

Experts, both within the country and abroad, say even better days lie ahead.

“There are good reasons for the Greek economy to outperform the Eurozone in the next 3–5 years," said Chief Economist at Eurobank, Tasos Anastasatos.

Greece's GDP grew 8.4% in 2021 and 5.2% in the 4th quarter of 2022.

"Among them are the large package of grants and loans from the EU Resilience and Recovery Fund, the country's good reputation, especially in tourism, and the abundant liquidity of the banking system.”

Numbers thrive in Greece, but as it is often the case in economics, the situation on the ground is quite different.

Personal trainer Antonia Kalantzi, 38, shops at a grocery store in Athens, Greece, Wednesday, Feb. 16, 2022.


Real wages, or nominal wages after deducting inflation, have not followed a similar path. In many cases, they have fallen due to continuous price hikes.

Inflation in Greece in 2022 sat at 9.3%.

This situation is also reflected in the labour market. More and more employers say that they are finding it difficult to recruit staff as workers feel that wages are not high enough. Thousands of jobs remain vacant in critical sectors for the Greek economy such as food services, tourism, and construction.

Unemployment in Greece in 2022 sat at 11%.

At the same time, Greek consumers are forced to cut their purchases of basic goods to deal with the wave of continuous price hikes.

“Let’s be honest, we have cut some of our shopping. We buy less stuff. I used to buy four kilos of fruit, now I buy two or one. And our shopping is limited to just food, we don't buy anything else,” said Evangelia, who lives off her pension.

People reach out for fresh produce handouts from fruit and vegetable street market stall holders during a peaceful protest outside the Ministry of Agriculture in Athens.


“Our sales have decreased significantly, I don't know why, but people cannot afford to buy even basic goods”, said Giorgos, a vendor at the farmer's market.

With elections on the horizon, Greek citizens say that inflation is their main concern and will influence their decision on which party to vote for.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Emirati Pilot Joins NASA's Simulated Mars Expedition
Tragedy in Gaza: Infant Mortality Highlights Ceasefire Stalemate Amidst Humanitarian Crisis
Israeli Airstrikes in Gaza Result in Deadly Consequences Amidst Escalating Tensions
Moderna's Groundbreaking Combo Vaccine Yields Promising Trial Results
The Grim Toll of Conflict: One Child Killed Every Hour in Gaza, Says UN Agency
Humanitarian Crisis Deepens: Israeli Strikes Hit Shelters and Hospitals in Gaza
Humanitarian Zones Under Siege: Israel's Strikes in Gaza Escalate Civilian Crisis
Israel Confirms Assassination of Hamas Leader in Tehran: A Stark Warning to Regional Foes
Escalating Tensions: Israeli Strikes in Gaza and Assassination in Iran Stir Regional Conflict
Gaza Conflict: Unmasking the Human Cost Amidst Political Stalemate
Escalating Conflict in Gaza: Lives Lost Amid Intensifying Military Actions
Israeli Airstrikes in Gaza Spur Humanitarian Outcry and Internal Criticism
Italy Slaps OpenAI with Landmark Fine: A Catalyst for Global Data Privacy Debate
Gaza Ceasefire Talks Approach Brink: Delicate Diplomacy at Play
Progress in Gaza Ceasefire Talks Amid Ongoing Conflict
Saudi Football Star Fahad Al-Muwallad in Critical Condition After Balcony Fall
Gaza Ceasefire Hangs by a Thread as Mediators Navigate a Stalemate of Epic Proportions
Syria's Future: A Fight for Democracy or Another Cycle of Oppression?
Gaza on the Brink: Economic Collapse and the Humanitarian Abyss
Ankara Ascends: Turkey's Rising Influence in Syria's Post-Assad Landscape
International Tensions Escalate Amid Gaza Conflict and Syrian Crisis
Gaza Conflict at Day 439: Renewed Ceasefire Hopes Amidst Ongoing Strife
Global Challenges: Syrian Repatriation, Natural Disasters, and Political Turmoil
U.S. Indicts Syrian Officials for Torture Amidst Assad's Overthrow: A New Era of Accountability and Diplomatic Reevaluation
Global Geopolitical Shifts: U.S. Strategy in Syria, Regional Tensions, and Calls for Nuclear Disarmament
Major Geopolitical Developments: Turkiye Reopens Border for Syrian Refugee Returns Amidst Regional Tensions and Political Transformations
Hypersonic Tensions: Yemen's Missile Disrupts Israel Amid Regional Escalation
Escalating Middle East Tensions and U.S. Tragedy: A Global Snapshot
Germany Suspends Syrian Asylum Decisions Amid Post-Assad Uncertainty
Israeli Airstrikes on Gaza: A Blow to Civilians and Press Freedom
Global Instability: UAE Advocates for Syrian Unity Amidst Middle East Tensions, Military Setback in Turkey, and Escalating Violence in Haiti
Key Regional Shifts in the Middle East Following Assad's Ouster: Challenges and Opportunities
France Supports Syria's Transition After Assad's Ouster Amid Middle East Turmoil
Recent Global Power Shifts: Political Upheavals and Security Challenges Redefining Nations
Global Conflicts and Health Developments: From Gaza's Hospital Crisis to Morocco's Medical Advancements
Transformative Shifts in Global Politics: The Fall of Assad, Maritime Piracy Threats, and Political Change in Ghana
Turbulent Transition: Syria's Political Upheaval and Global Reactions
Escalating Middle Eastern Conflicts and Political Tensions: A Snapshot of Global Unrest and Efforts for Stabilization
Syria's Crossroads: Can Hayat Tahrir al-Sham Lead a Unified Country After Assad's Fall?
End of an Era: Assad's Departure Amid Rebel Advances Signals Major Shift in Syria's Civil War
Global Shifts: UK Trade Missions, Korean Political Turmoil, and Syrian Conflict Dynamics
Escalating Global Tensions: Hospital Destruction in Gaza, Lebanese Military Movements, Alaskan Volcano Alert, Syrian Conflict Developments, Golan Heights Security, and U.S. Aid to Ukraine
Morocco Secures $13 Billion Investment for Railway Expansion at Africa Investment Forum
Israeli Strikes Devastate Gaza Hospital; EU Lifts Pakistan Airlines Ban; Global Holiday Traditions and Middle East Tensions Highlighted
Global Tensions and Shifts: From Netanyahu's Critique and African Political Instability to Syrian Rebel Advances and Renewed Middle East Peace Efforts
Military Diversity Debate, Gaza Clashes, Notre Dame's Rebirth, South Korean Political Crisis, Trump's Diplomatic Visit, and Ghana's Pivotal Election
U.S. State Department Urges Immediate Evacuation from Syria Amid Escalating Conflict and Strategic Power Shifts
Global Hotspots: Humanitarian Crises, Geopolitical Tensions, and Key Developments in Gaza, Lebanon, Colombia, Ghana, the UK, and Syria
Global Unrest and Diplomacy: Travel Warnings, Security Strategies, and Legal Challenges Highlight Shifting International Landscape
Key Global Developments: Crisis Management, Climate Impact, Diplomatic Changes, and Cultural Recognition
×