Real incomes lower than in 2009 - Greek families benefit less than before the crisis
Real incomes of Greek households remain 15% lower than in 2009, before the financial crisis erupted and Greece entered the memorandum adventure. Despite the recovery registered in the last decade, the country has not recovered the huge loss of income, as a new policy paper by the Center for Liberal Studies (KEFIM) reveals.
The study examines the evolution of real disposable household income over the period 2004-2024 in Greece and other countries that have been in economic crisis (Spain, Italy, Ireland, Cyprus and Portugal).
In the 20-year period 2004-2024, Greece and Italy are the only six countries under consideration that have not returned to pre-crisis levels. During this period, the EU recorded a 22% increase in real income, while Greece recorded 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 average.
Compared to 2015, Greece recorded one of the highest increases among crisis countries (23.5%). The increase after 2015 is partly due to the very large contraction in incomes during the period 2010-2013, when the real income of Greek households fell by 34%.
The study reveals significant differences in the speed of recovery among the countries affected by the crisis. Specifically, compared to 2009, real incomes in Ireland are 21% higher, in Cyprus 16%, in Spain 6.5%, while they remain 0.7% lower in Italy and 15% lower in Greece.
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