London Daily

Focus on the big picture.
Monday, Jul 13, 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
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Netflix Weighs Always-On Channels, Bundles and Short-Form Video
Passenger Is Pulled Partly Outside Ryanair Jet After Window Fails Mid-Flight
Innovation-led growth strategy
Public service reform pressure
Defence and industrial security
Labour leadership transition and economic reset
Northern England Pushes for Greater Influence in Britain’s Future Economic Model
UK Technology Strategy Focuses on Life Sciences, Digital Innovation and Research Investment
Britain and United States Maintain Focus on Pharmaceuticals Cooperation and Industrial Growth
UK Public Services Face Continued Pressure as Government Promises Visible Improvements
Regional Economic Power Becomes Key Theme in Britain’s Next Political Phase
Britain Expands Support for Small Businesses as Firms Seek Better Access to Finance
UK Economy Remains Central Political Challenge as Cost of Living and Growth Concerns Persist
National Health Service Introduces New Workplace Reviews to Improve Conditions for Healthcare Staff
UK Life Sciences Sector Secures More Than Three Billion Pounds in Investment to Support Innovation
Britain Strengthens Defence Strategy as Security Concerns Reshape Military and Industrial Policy
Andy Burnham Promises Stronger UK Defence Industry and Expanded Domestic Production
UK Government Faces Difficult Spending Choices as Labour Leadership Transition Approaches
Rachel Reeves Warns Andy Burnham of Immediate Economic Challenges After Expected Leadership Change
Andy Burnham Prepares to Lead UK Government With Plans for Regional Power Shift and Economic Reset
Government Creates Emergency Support Scheme for Financially Struggling Universities
United Kingdom Replaces Traditional Farm Subsidies With Payments Linked to Environmental Performance
National Grid Reports First Week of Electricity Generation Without Fossil Fuels
United Kingdom Financial Regulator Introduces Tougher Capital Rules for Cryptocurrency Exchanges
Belfast Harbour Expands Operations to Attract Investment Through United Kingdom and European Union Market Access
Scottish Government Threatens Legal Challenge Over Westminster Cuts to North Sea Transition Funding
United Kingdom Accelerates Trans-Pennine High-Speed Rail Project Linking Northern Cities
United Kingdom Secures Ten Billion Pound Investment for Cambridge Quantum Computing Campus
Port Talbot Steelworks Wins Support for Green Hydrogen Transition and Protection of Industrial Jobs
United Kingdom Sends Royal Navy Carrier Strike Group to Indo-Pacific as Regional Security Focus Expands
National Health Service Expands Artificial Intelligence Diagnostics Across England to Reduce Screening Backlogs
United Kingdom Launches Fifty Billion Pound Infrastructure Fund to Accelerate Housing and Construction
UK Medical Chiefs Update Health Guidance to Promote Everyday Physical Activity
Office of Communications Keeps Wikipedia Under Review Under UK Online Safety Rules
UK Defence Ministry Expands Deep-Strike Capability Through Precision Missile Programme
Russell Group Universities Warn Funding Cuts Could Damage NHS Workforce Training
UK Parliament Calls for National Emergency Broadcast as Heatwave Conditions Intensify
UK and Netherlands Strengthen Naval Cooperation With New Amphibious Defence Partnership
UK Defence Ministry Joins International Missile Programme With One Hundred and Ninety Million Pound Investment
Bank of England Warns Middle East Conflict and AI Risks Could Pressure UK Economy
UK Government Introduces New Rules to Limit Foreign Influence in Political Donations
UK and France Prepare Naval Mission to Protect Shipping Through Strait of Hormuz
United States Pressures UK to Increase Defence Spending at NATO Summit
Bank of England Warns Artificial Intelligence Investment Boom Could Create Financial Stability Risks
Bank of England Begins Direct Oversight of Critical Technology Providers Supporting UK Finance
Andy Burnham Set to Become UK Prime Minister After Labour Leadership Race Clears Path to Downing Street
Scottish Fishing Industry Calls for Emergency Support Amid Rising Costs
UK Supports Stronger European Response to Russian Actions in Ukraine
Devon and Cornwall Police Release Suspect in Ann Widdecombe Murder Investigation
×