ELSTAT: Continuous decreases in Greek wages from 2010 until today

Wages in Greece are in steady decline since mid-2010 and the first memorandum until today. What is most striking is that in the last quarter last year, there were salary reductions only in Greece and Cyprus, while in other European Union countries wages were increased.

According to data from the Hellenic Statistical Authority (ELSTAT) on wages in the whole economy, the index decreased by 6.2% in the fourth quarter last year compared to the corresponding index in the fourth quarter of 2012, compared with a decline of 2.6% which occurred in 2012 to 2011.

The wage index in Greece has decreased steadily since the third quarter of 2010 (down by 3.4% then) when the cuts began in the public and private sector, while the largest percentage reduction was recorded in the first quarter of 2013 (11.9%).

Also, according to ELSTAT the wage index with a seasonal adjustment but no adjustment for the number of working days, decreased by 9.1% in the fourth quarter of 2013 compared to the corresponding index in the fourth quarter of 2012, compared with a 4.6% fall in 2012 to 2011.

Compared with what is happening on a European level, ELSTAT calculates the annual change in wages, corrected for working days, and not seasonally adjusted. Thus, wages in Greece fell by 4.1% in the fourth quarter of 2013, while in Cyprus they fell by 6.7%.

In Spain, wages increased by 3.7%, Portugal 0.5%, Ireland 0.4%, Italy 1.4%, Germany 2.2%, France 1.7%, Netherlands 2.6%, UK 0,5%, Bulgaria 4%, Estonia 7.7%, Latvia 5.7% and Lithuania 5.8%.
 

As ELSTAT mentions, the survey covers all sectors of the economy except the primary sector. To calculate the index, the gross wages for hours worked were used. They include wages and salaries, bonuses and extras, and pay for days when no work was performed.