Greeks lost nearly 1/4 of their income during economic crisis, Eurostat data shows

14 December 2018
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Greeks saw nearly a quarter of their average annual income vanish as a result of the economic crisis that hit the country in 2008-2017, as the latest data released from Eurostat revealed.

The per capita Gross Domestic Product (GDP) shrank to 17,400 euros last year, compared to 22,600 euros in 2008. That is, for the past 9 years, Greeks have become poorer by 5,200 euros and found themselves in the “third tier” of the European Union, close to the levels of countries from the former Eastern Bloc.

The immediate effects of this was a drop in purchasing power and per capita consumption, which fell to 76% of the EU average last year. This is equal to the percentage as Poland and Slovakia.

In contrast to Greece, the other 27 EU member states. have achieved an increase in their per capita GDP over the period 2000-2017. Greeks are now worse off than the Slovenians, who earned an average of 2,000 euros more than the Greeks last year, and in a marginally better position than the Czechs, who made 200 euros less.

Successive cuts in wages, pensions, allowances, and all other earnings due to the implementation of the Memorandums and overexertion have slashed the average income of Greeks to pre 2000 levels (17,600 euros).

Greece is now ranked 18th in the European Union and 15th in the euro area, based on GDP per capita.

Worse than the Greek citizens are: the Czech Republic (EUR 17 200), Slovakia (EUR 15 000), Estonia (EUR 14 600), Lithuania (EUR 12 700), Hungary and Poland (EUR 11 800), Latvia (EUR 11 600) Croatia (€ 11,500), Romania (€ 8,300) and Bulgaria (€ 6,300).

The picture is even bleaker on data concerning the per capita consumption and GDP per capita in terms of Purchasing Power Parity (PPP), ie on the basis of the real value of our money.

In particular, per capita consumption in Greece was limited to 76% of the EU average. in 2017, from 77% in 2016 and 79% in 2015. Poland and Slovakia are at the same level.

However, Poland has improved its performance and Slovakia remained stable. The highest per capita consumption in Purchasing Power Units was recorded in Luxembourg (132% of the Community average), Germany (122%) and Austria (117%).

In 2000, corporate and household debts amounted to only 66.31% of GDP, while at the beginning of the 2008 crisis, they had almost doubled to 126.27% of GDP. The worst year was 2012 when it skyrocketed to 147%.

According to the IMF, household debt totalled 62.81% of GDP last year, or about 113 billion euros, while company outstanding debt was estimated at 68.40%, or almost 123 billion euros

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