Mean Wages and Salaries in Greece: An Overview

Nickolas C. Papanikolaou
June 26, 2024

Greece has experienced significant economic challenges over the past decade. The
financial crisis that began in 2009 had a profound impact on its economy, leading to
austerity measures, a recession, and a severe impact on employment and wages.
Understanding the current state of mean wages and salaries in Greece requires
examining the recent economic trends, labor market conditions, and government
policies that have influenced income levels.

Economic Context

The Greek economy has been gradually recovering from the severe economic crisis
that spanned from 2009 to 2018. During the crisis, the Greek GDP contracted by
approximately 25%, and unemployment soared, reaching a peak of around 28% in
2013. These economic difficulties had a substantial impact on wages and salaries, as
businesses struggled to survive and public sector wages were cut significantly as part of
the austerity measures imposed by international creditors.

Current Wage Levels

As of the most recent data, the average gross monthly wage in Greece is approximately
€1,100. This figure varies significantly across different sectors and regions. For
instance, employees in the financial and insurance activities sector tend to earn higher
wages, with average salaries exceeding €2,000 per month, while those in the
accommodation and food service activities sector earn substantially less, with average
monthly wages around €800.

Factors Influencing Wages

Several factors influence the wage levels in Greece:

1. Sectoral Differences: Different industries exhibit varying wage levels. High-skill

sectors such as information and communication technology (ICT), finance, and
professional services generally offer higher wages compared to low-skill sectors
like retail, hospitality, and agriculture.

Nickolas C. Papanikolaou – aeginatax@outlook.com Page 1

 2. Geographical Disparities: Wage levels also vary geographically. Urban areas,
particularly Athens, tend to have higher average wages compared to rural areas
due to the concentration of higher-paying jobs in cities.
3. Education and Skills: Higher levels of education and specialized skills typically
correlate with higher wages. In Greece, individuals with tertiary education earn
on average 60% more than those with only a secondary education.
4. Labor Market Policies: Government policies, including minimum wage
adjustments and labor market reforms, significantly impact wage levels. For
instance, the minimum wage in Greece was increased to €758 per month (gross)
in January 2024, marking a significant rise aimed at improving living standards
for low-income workers .

Wage Growth and Trends

Despite the economic hardships, there has been a gradual improvement in wage levels
in recent years. From 2019 to 2023, average gross wages in Greece increased by
approximately 3% annually, reflecting the broader economic recovery and declining
unemployment rates, which fell to around 10% by early 2024 .

Challenges and Outlook

While there has been progress, several challenges remain. The Greek labor market still
faces issues such as high youth unemployment, underemployment, and a significant
informal economy. Additionally, the cost of living in Greece, particularly in urban
centers, continues to rise, putting pressure on real wages.
Looking ahead, the outlook for wages in Greece will depend on several factors,
including continued economic growth, effective labor market policies, and the country’s
ability to attract investment in high-skill, high-wage sectors. The government's focus on
digital transformation, green energy, and infrastructure development holds potential for
creating better-paying jobs and improving wage levels across the board.

Conclusion

The mean wages and salaries in Greece have shown signs of recovery following the
prolonged economic crisis. While challenges persist, there is cautious optimism that
with sustained economic growth and targeted policies, wage levels can continue to
improve, enhancing the living standards for Greek workers. Understanding these
dynamics is crucial for policymakers, businesses, and workers as they navigate the
evolving economic landscape.

Nickolas C. Papanikolaou – aeginatax@outlook.com Page 2

References

Greek Reporter. (2019). "Greece's Unemployment Rate Drops Below 20% for the First
Time Since 2011." Retrieved from Greek Reporter.

Hellenic Statistical Authority (ELSTAT). (2023). "Average Monthly Earnings of

Employees." Retrieved from ELSTAT.

OECD. (2022). "Education at a Glance 2022: Greece." Retrieved from OECD.

Greek Government Gazette. (2024). "Announcement of Minimum Wage Increase."

Retrieved from Government Gazette.

Bank of Greece. (2023). "Annual Economic Report 2023." Retrieved from Bank of
Greece.

Greece in Figures - https://greeceinfigures.com/misthos

Charts

Mean Net Wage - Single Person - 1 (Greece – EU) as of 31/12/2023

Nickolas C. Papanikolaou – aeginatax@outlook.com Page 3

Mean Net Wage – Couple no Children - (Greece – EU) 2

Mean Net Wage – Couple 2 Children- (Greece – EU) 3

Nickolas C. Papanikolaou – aeginatax@outlook.com Page 4