ΓΣΕΕ about the lowest purchasing power of Greek salaries

The annual report of the General Confederation of Greek Workers (Γενική Συνομοσπονδία Εργατών Ελλάδας) states that Greek hourly wages have the lowest purchasing power in the European Union.

According to report ΓΣΕΕ-2024 According to the Greek economy and employment, economic growth in 2023 and the first quarter of 2024 was driven by consumption:

“This development was largely driven by higher self-employment income and, to a lesser extent, consumer borrowing.”

Investments

The contribution of wage growth to real disposable income and, by extension, to household consumption has been meager. Investment in housing and restaurants is hampering the economy, the report says:

“More than half of foreign direct investment was directed to the housing market, catering and accommodation sector. Lack of investment in sectors that provide high added value to the economy as a whole, such as investment in research and development, traps the economy in low productivity, weak production structure and high imports.”

Tax burden

ΓΣΕΕ proposes structural measures to support government revenue growth and a fairer distribution of the tax burden, writes CNN Greece. The report talks about changes to the tax policy mix:

“Especially the relationship between indirect and direct taxes, as well as the volume and distribution of direct taxes, with the aim of improving the living standards of weaker social groups” and wage earners, to mitigate income inequality, strengthen the sense of tax fairness and finally ensure the financial solvency of the economy in the medium term perspective.”

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