Between 2019 and 2023, the Consumer Price Index rose by 13.4%, while the average wage increased by 20.2%, and the minimum wage by 27.7%.

Furthermore, Greece’s real per capita income has grown significantly faster than the European average over the last five years. Eurostat data shows that between 2019 and 2023, Greece’s real per capita income increased by 7.7%, more than double the EU average of 3.3% and nearly triple the Eurozone average of 2.3%.

During this period, the government has implemented various tax reductions and positive measures for Greek households, including enhancements to birth allowances, increased tax exemptions for families with children, extended maternity and paternity leave, higher income thresholds for heating benefits, introduction of social electricity tariffs for large families, adjustments to public sector salaries, and expansion of childcare vouchers and school meal programs.

As a result, the Ministry of Finance reports that the net disposable income in Greece has risen for all household types. Eurostat data indicates that from 2019 to 2023, annual net earnings, adjusted for purchasing power, have increased by between 12.3% and 15.7%, depending on household composition. In terms of purchasing power, these earnings ranked 16th among the EU’s 27 member states in three of the four major reference categories, and 19th in the fourth.

For minimum wage earners, Greece ranks in the middle of the EU distribution. Out of 22 member states with a legislated minimum wage, Greece is 11th in nominal terms and 12th in purchasing power terms. Thus, the claim that Greece’s standard of living is among the lowest in the EU is far from accurate, as confirmed by Eurostat data on actual individual consumption.

The Ministry of Finance notes, “It is clear that Greece has neither become Switzerland nor Sweden. These figures are not presented to boast or diminish the real challenges faced by many of our citizens. They reflect the significant progress achieved by our country over the past five years, which is a testament to the efforts of the Greek people. We continue on the path of progress, reforms, and convergence with the European average, which is the only approach proven to yield positive results.”