London Daily

Focus on the big picture.
Thursday, Oct 08, 2026

Cost of living soars in Greece despite economic recovery

Cost of living soars in Greece despite economic recovery

Greece has outpaced most European economies in the past years, but why can't citizens afford basic goods, and why are employers short of staff?

High growth, debt reduction, and increasing investments: Greece’s economy has performed strongly in the past two years, outpacing most European countries. Greece is no longer the “black sheep” of the European family, but rather a success story of reform and recovery.

Experts, both within the country and abroad, say even better days lie ahead.

“There are good reasons for the Greek economy to outperform the Eurozone in the next 3–5 years," said Chief Economist at Eurobank, Tasos Anastasatos.

Greece's GDP grew 8.4% in 2021 and 5.2% in the 4th quarter of 2022.

"Among them are the large package of grants and loans from the EU Resilience and Recovery Fund, the country's good reputation, especially in tourism, and the abundant liquidity of the banking system.”

Numbers thrive in Greece, but as it is often the case in economics, the situation on the ground is quite different.

Personal trainer Antonia Kalantzi, 38, shops at a grocery store in Athens, Greece, Wednesday, Feb. 16, 2022.


Real wages, or nominal wages after deducting inflation, have not followed a similar path. In many cases, they have fallen due to continuous price hikes.

Inflation in Greece in 2022 sat at 9.3%.

This situation is also reflected in the labour market. More and more employers say that they are finding it difficult to recruit staff as workers feel that wages are not high enough. Thousands of jobs remain vacant in critical sectors for the Greek economy such as food services, tourism, and construction.

Unemployment in Greece in 2022 sat at 11%.

At the same time, Greek consumers are forced to cut their purchases of basic goods to deal with the wave of continuous price hikes.

“Let’s be honest, we have cut some of our shopping. We buy less stuff. I used to buy four kilos of fruit, now I buy two or one. And our shopping is limited to just food, we don't buy anything else,” said Evangelia, who lives off her pension.

People reach out for fresh produce handouts from fruit and vegetable street market stall holders during a peaceful protest outside the Ministry of Agriculture in Athens.


“Our sales have decreased significantly, I don't know why, but people cannot afford to buy even basic goods”, said Giorgos, a vendor at the farmer's market.

With elections on the horizon, Greek citizens say that inflation is their main concern and will influence their decision on which party to vote for.

Newsletter

Related Articles

0:00
0:00
Close
Britain Maintains Diplomatic Mission in East Jerusalem Despite Israeli Closure Deadline
English Councils Push Government to Rethink Proposed Funding Cuts
Scottish Homebuilding Falls to Lowest Level in 11 Years
BBC Chief Matt Brittin Defends Restructuring as Staff Challenge Job Cuts
UK Finance Warns High Energy Costs and Bond Yields Are Complicating Fiscal Outlook
UK Adopts All 44 Recommendations on Regulating AI in Healthcare
Chancellor John Healey Prepares Autumn Budget as Borrowing Costs Strain Public Finances
UK Investigators See Strong Indications of Iranian Link After RAF Fairford Security Operation
Laura Trott Pledges Tighter Controls on Political Activism in UK Classrooms
Welsh Ministers Launch Long-Term Review of North Wales and Anglesey Crossings
Welsh Government Orders 18-Month Study of Road Solutions Around Newport
Reform UK MP Sarah Pochin Faces Scrutiny Over £800,000 Second Home Purchase
British Households Grow More Concerned About Fuel and Energy Prices
NHS Leaders Warn of Rising Winter Pressure on Emergency Departments
Kemi Badenoch Proposes £2.3 Billion Employer National Insurance Cut for Young Workers
Middle East Conflict Could Erase UK Fiscal Headroom, Economists Warn
Manchester City Found Guilty of Multiple Premier League Financial Rule Breaches
UK Security Services Find Strong Indications of Iranian Role in RAF Fairford Incident
Costa Coffee Returns to Operating Profit on Iced Drinks and Menu Changes
Asos Warns Customers After Unauthorized Access to Retail App and Data
Kemi Badenoch Puts Growth and Deregulation at Center of Conservative Conference
Campaigners Warn of Deepening Social Care Crisis for Disabled Adults
Study Finds Rising Early-Onset Cancer Rates Among Adults Under 50 in Britain
UK Coach Operators Warn High Diesel Prices Could Force Route Cuts
FCA Opens Independent Review Into Handling of Epstein-Linked Whistleblower Case
Argentina Vows to Block Falkland Islands Offshore Oil Development
UK Chancellor Prepares Fiscal Measures and Welfare Reforms Ahead of Autumn Budget
Sainsbury’s and Morrisons Explore Potential Multi-Billion-Pound Merger
UK Weighs Tariffs on Chinese Electric Vehicles to Align With European Union
UK Threatens Diplomatic Expulsions Over Planned Closure of East Jerusalem Consulate
UK Energy Price Cap Hits Three-Year High as Middle East Conflict Raises Costs
Seventh Arrest Made in Suspected Terror Plot at RAF Fairford
Systemic Education Collapse Sparks Mass Student Uprisings in France
Green Party Faces Backlash Over Resolution Equating Zionism With Racism
Conservatives Debate Scrapping Environmental Rules for New Homes
Cornwall Insight Warns UK Energy Bills Could Approach £2,000 This Winter
UK Coach Operators Warn of Service Cuts as Diesel Prices Exceed £2
Scottish Parliament Approves £68 Billion Budget With New Tax and Property Measures
FCA Opens Independent Review Into Handling of Epstein Whistleblower
UK Government Drops Plan to Suspend Jury Trials in England and Wales
Bank of England Holds Interest Rate at 3.75% as Markets Watch November
Two Iranian Nationals Charged Over Alleged Plot Targeting Manchester Jewish Community
UK Fiscal Headroom Halves to £11 Billion Ahead of Budget, EY Warns
US Bomber Withdrawal From RAF Fairford Prompts UK Security Review
Sarah Wakfer Appointed Chair of Northern Ireland’s Health and Care Regulator
Scotland Housing Completions Fall to 11-Year Low Amid National Shortage
UK Water Companies Face Tougher Oversight and Unannounced Regulatory Inspections
Middle East Conflict Pushes UK Fuel and Wholesale Energy Prices Higher
Andy Burnham Raises Prospect of Second Brexit Referendum in Review of UK-EU Relations
EY Warns UK Fiscal Headroom Has Halved to £11 Billion Ahead of Autumn Budget
×