London Daily

Focus on the big picture.
Monday, Sep 07, 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
University of Bristol Opens £500 Million Innovation Campus
Families Give Evidence to Independent Review of Sussex Maternity Failures
Sweden Confirms Deportation of 458 British Citizens Over Post-Brexit Residency Rules
UK Launches £3 Million Challenge for Long-Duration Energy Storage
Reform UK Proposes £100 Billion in Spending Cuts and Brownfield Deregulation
Andy Burnham Warns Macron That EU Procurement Rules Could Hurt British Steel
Andy Burnham Faces Major Decision on Future North Sea Oil and Gas Drilling
SEND Support in England Projected to Reach One in 10 Pupils
England’s Housing Courts Struggle With Surge in No-Fault Eviction Cases
Violent Clashes Erupt in Portsmouth During Protest Against Asylum Processing
Three-Quarters of NHS Emergency Staff Report Regular Violence or Aggression
UK Considers Converting Female Prison Space for Male Inmates as Overcrowding Worsens
UK House Prices Record First Annual Decline in Nearly Three Years
UK Government Reassesses Policy Toward Israel Amid Calls for Diplomatic Shift
Reform UK Faces Police Scrutiny Over Alleged Foreign Donations Scheme
University of Bristol Opens £500 Million Temple Quarter Enterprise Campus
Online Bookmakers Accused of Privacy Breaches Through Cookie Consent Practices
Health Campaigners Urge UK Government to Abandon U.S. Pharmaceutical Agreement
Three-Quarters of UK A&E Staff Report Regular Violence or Aggression
Far-Right Demonstrations Target Portsmouth as Small-Boat Crossings Fuel Tensions
UK Records Hottest Summer on Record After Severe Heatwaves
UK Travellers Face Renewed EU Border Delays as Temporary Flexibility Ends
UK Rejects Calls to Pause AI Data Centre Expansion Despite Energy Concerns
UK Defence Figures Push for 3% Spending Target Amid Falklands Concerns
England Faces Rising Financial Pressure as Special Educational Needs Plans Surge
Metropolitan Police Consider Reform UK Probe Over Overseas Donations
Keir Starmer to Leave Parliament, Triggering By-Election
UK Treasury Weighs Windfall Taxes on Banks and Oil Companies Amid Bond Market Turmoil
Jaguar Land Rover to Cut Thousands of Jobs as UK Government Rules Out Bailout
OpenAI Unveils GPT-6 and Says: "We May Already Have Reached AGI"
Congressman Accused Andrew of Sex Crimes in the United States
Donald Trump: "I'm Glad Harry and Meghan Left the United States"
Spicy Food Is Linked to Lower Death Risk — but It Is Not a Miracle Cure
AfD Enters Saxony-Anhalt Election at 41% in Historic Test for German Politics
Gen Z Turns to Investing as America's First-Home Dream Moves Further Out of Reach
Thousands Join London March Calling for Tighter Abortion Restrictions
Institute of Directors Says Tax and Regulatory Uncertainty Still Weighs on UK Investment
Bank of England Faces Rate Dilemma as Weak Growth and Persistent Inflation Raise Stagflation Risks
Masked Anti-Immigration Protesters Block Roads to Port of Dover
Prime Minister Andy Burnham Sets Out Devolution and Re-Industrialisation Agenda
British Chambers of Commerce Forecasts UK Growth of Just 1% Through 2027
UK Government Advances Bill to Tighten Rules on Overseas Political Donations
Nigel Farage Faces Scrutiny Over Alleged Reform UK Donation-Law Evasion
Thousands Join Anti-Abortion March Through Central London
UK Beekeepers Call for Nationwide Tracking as Asian Hornet Sightings Increase
England Sees Sharp Rise in Property Subsidence Claims After Record Summer Heat
House of Lords Advances Financial Services Reform Bill
House of Lords Begins Detailed Scrutiny of Railways Bill and Great British Railways Plan
UK Treasury Cuts Green Book Discount Rate to Support More Regional Infrastructure Projects
Reform UK Suspends Two Senior Aides After Undercover Report on Foreign Donation Rules
×