Despite the significant recovery of the last decade, the real income of Greek households remains 15% lower than in 2009 – the beginning of the crisis – and 5% lower than in 2004.
This is revealed in the new policy brief of the Centre for Liberal Studies (KEFiM), titled “Where does the income of the Greek household stand today compared to the start of the crisis in 2009?”, authored by Nikos Robapas and Konstantinos Saravakos.
The study examines the evolution of real disposable household income during 2004–2024 in Greece and other countries affected by the economic crisis (Spain, Italy, Ireland, Cyprus, and Portugal).
Greece and, marginally, Italy are the only crisis-hit countries that have not returned to their pre-crisis real income levels.
Key findings of the study on the real income of Greeks
Over the 20 years 2004–2024, Greece and Italy are the only two of the six countries examined that have not returned to pre-crisis levels. During this period, the EU-27 recorded a 22% increase in real income, while Greece showed a 5% decline.
- In 2024, the real income of Greek households remains 15% lower than in 2009.
- Compared to 2012, real income in Greece has increased by 22.7%, a performance higher than the EU-27 average.
- Compared to 2015, Greece records one of the highest increases among crisis-hit countries, at 23.5%.
- Compared to 2019, Greece shows the largest income increase (+14.3%) among all crisis-hit countries.
- The significant rise after 2015 is partly due to the very deep income contraction during 2010–2013, when the real income of Greek households had fallen by 34%.
The study highlights important differences in the speed of recovery among the countries affected by the crisis.
Specifically, relative to 2009, the evolution of real income in these countries is as follows:
– Ireland: +21% compared to 2009
– Portugal: +16%
– Cyprus: +14%
– Spain: +6.5%
– Italy: –0.7%
– Greece: –15%
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