London Daily

Focus on the big picture.
Tuesday, Sep 01, 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
England Faces Renewed Scrutiny Over Sewage Discharges and Water Quality
Victoria Beckham Business Reports First Operating Profit Since Launch
BT Expects £2 Billion From Copper Sales During Full-Fibre Rollout
UK Train Drivers Secure 3.6% Pay Rise and Avert Strike Action
FCA Chief Faces Scrutiny Over Alleged Pressure on Consumer Group in Car Finance Case
Kemi Badenoch Names Andrew Griffith Shadow Chancellor in Conservative Reshuffle
UK House Prices Rise for First Time Since April
UK Shop-Price Inflation Accelerates to 1.5% in August
Met Office Data Point to Hottest UK Summer on Record
UK Announces Emergency Prison Release Measures and £110 Million Capacity Expansion
UK Launches Expanded Free School Meals and 1,400 Breakfast Clubs
Bank of England Governor Warns G20 of AI-Related Economic and Cyber Risks
Prime Minister Andy Burnham Calls for Greater Public Control of Water, Energy and Transport
UK Gains Full Access to £13 Trillion Trans-Pacific Trade Bloc
UK Long-Term Borrowing Costs Hit 28-Year High as Oil Shock Drives Global Bond Selloff
Royal Mail Keeps First-Class Stamps at £1.80 and Second-Class at 91p
Church of England Prepares Formal Apology Over Historical Forced Adoptions
UK Competition Regulator Caps Veterinary Prescription Fees at £21
UK Aviation Authorities Roll Out Airspace Changes to Reduce Flight Delays
England Makes School Allergy Policies Mandatory Under Benedict’s Law
England and Wales Tighten Child Safeguarding Checks by Removing Supervision Exemption
Cornwall Geothermal Plant Begins Commercial Power and Lithium Operations
UK Inflation Holds Near 2.9% as Energy Costs Remain a Risk
UK Productivity Growth Averages 1.1% Over Two Years, Resolution Foundation Says
England Introduces Nationwide School Smartphone Ban and Uniform Limits
UK Gives Border Officers New Powers to Seize Migrants’ Mobile Phones
Green Party Wins First Westminster By-Election in Gorton and Denton
UK and EU Advance Gibraltar Border Deal Allowing Spanish Guards to Conduct Arrival Checks
Robert Jenrick Joins Reform UK After Losing Conservative Whip
Andy Burnham Faces First Prime Minister’s Questions After Labour Cabinet Overhaul
ScottishPower Recycles Nearly All Materials From Historic Hagshaw Hill Wind Farm
Millions Travel Across England, Wales and Northern Ireland for Summer Bank Holiday
Met Office Issues Yellow Thunderstorm Warnings Across Southern England
Four Arrested After Bank Holiday Stabbing Violence in Kettering
Scottish Chamber of Commerce Warns Tax and Business Costs Risk Holding Back Scotland
UK Government Launches Youth Employment Drive With Major Retailers
UK and Ukraine Advance AI and Defence Technology Partnership
Prime Minister Andy Burnham Moves to Exclude Serious Offenders From Early Release
Twelve Arrested After A66 Crash Kills Seven, Including Two Police Officers
Bank of England Governor Warns AI Investment Boom Could Trigger Global Market Correction
London Science Museum Ends Long-Running BP Sponsorship
Scottish Homeowners Prepare Valuation Challenges Over Proposed Mansion Tax
UK Prosecutors Consider Charges Against Undercover Police in Spycops Scandal
James Cleverly Leaves Shadow Cabinet to Run for London Mayor
Avanti West Coast Drivers Agree 3.6% Pay Rise, Averting Strike Action
Allianz Explores £5 Billion Takeover of British Roadside Assistance Group AA
UK Government Retreats From Plan to Unfreeze Personal Income Tax Threshold
Northern Ireland Leaders Press UK Government for Sustainable Funding Settlement
UK Health Agency Warns Nationwide Salmonella Outbreak Could Worsen
NHS Warns Autism and ADHD Assessment Costs Have Become Unsustainable
×