Greeks poorer than 20 years ago - Real household income still below 2004 level
Two decades after Greece experienced the euphoria of the 2004 Athens Olympics and its surprise triumph at Euro 2004, Greek households today have less real disposable income than they did then. This comes despite the country's exit from bailout programs in 2018 and a recent period of rising wages and falling unemployment.
According to Eurostat data, real disposable income per capita in Greece is now 5.2% lower than in 2004. It also remains below the levels of 2010, when Greece entered its first financial rescue program. In 2024, the index reached 96.21% of its 2010 value, having increased by only 1.85% compared to 2023.
This indicator reflects the amount of income that households have available for spending and saving after taxes and social contributions, adjusted for inflation. It also includes the value of services such as education and healthcare, which are provided free of charge by public or non-profit institutions.
While households in the European Union saw an average increase of 22% in real income per capita between 2004 and 2024, Greece and Italy were the only Member States to record a decline. Romania reflected the largest expansion, with +134%, followed by Lithuania (95%), Poland (91%) and Malta (90%). The smallest increases were recorded in Spain (11%), Austria (14%), Belgium (15%) and Luxembourg (17%).
Economists say the Covid-19 pandemic and subsequent surge in inflation have erased much of the progress made since Greece exited bailout programs. Public dissatisfaction with the cost of living has been consistently reflected in polls, with many citizens seeing government support as insufficient.
Eurostat data also shows that Greece has the highest level of so-called “subjective poverty” in the EU, an indicator that measures how citizens perceive their financial situation. In 2024, 66.8% of Greeks declared that they were facing economic difficulties, compared to the EU average of 17.4%.
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