Greeks are still finding it hard to achieve parity with their European counterparts when it comes to prosperity, wages and living conditions, according to the 2025 interim report released this week by INE GSEE Labor Institute.
The findings show that despite the economy’s return to growth in recent years, Greece remains significantly below the European Union average across key indicators, with some gaps widening rather than narrowing.
GDP per capita in 2024 stood approximately 14,600 euros below the EU average. Even when measured in purchasing power parity terms, Greece reached only 68.5% of the European average, ranking lower than most Central and Eastern European countries and surpassing only Bulgaria. The report notes that progress during the 2019-2024 period was modest, pointing to weak convergence momentum with the rest of Europe.
Challenges persist in the labor market as well. Greece’s employment rate at 65.6% remains well below the EU average, while labor market underperformance is significantly higher than in comparable countries in the region. The low share of industry in total employment is highlighted as a key concern, reflecting structural weaknesses in the country’s productive base.
The gap is even more pronounced when it comes to wages. In 2024, the average annual wage in Greece amounted to just 59.1% of the EU average. Hourly wages also lag behind those of all comparable groups of countries. According to INE GSEE, underpayment is widespread and cuts across nearly all sectors of the economy.
According to Eurostat, Greece recorded the EU’s second-lowest median annual wage for full-time employees in 2024.
Living conditions add further pressure. One in five employees in Greece lives in conditions of material and social deprivation, the highest rate among the countries examined. Housing costs in particular place a heavy burden on households, absorbing 35.5% of disposable income, the highest proportion in the EU. The report identifies expensive housing as a major driver of economic strain, especially for low-income households.
