A triumph for the IMF, the EU and Germany

Greece is the 2nd poorest country in Europe, says EUROSTAT

Shock!? Greece is the second poorest country in Europe after Bulgaria, when it comes to purchasing power and the gross domestic product (GDP). According to Eurostat data released on Tuesday, Greece is second from bottom on the list with gross domestic product (GDP) at 33%, when the EU average is at 64%.

Bulgaria is at the bottom having registered the lowest GDP per capita, 36% below the EU average, followed by Greece (-33%) and Latvia (-29%).

In 2023, gross domestic product (GDP) per capita expressed in purchasing power standards ranged between 64% of the EU average in Bulgaria and 240% in Luxembourg, Eurostat said on Tuesday.

This information comes from the flash estimates of purchasing power parities and GDP for 2023 released by Eurostat.

In 2023, substantial differences in GDP per capita expressed in purchasing power standards were recorded among EU countries. Luxembourg and Ireland had the highest levels (140% and 112% above the EU average, respectively), well ahead of the Netherlands (30% above the EU average), Denmark (+28%), and Austria (+23%).

Greece

We in Greece earn less than 2009 that is than 5 years ago  and the impoverishment continues despite statements by the Prime Minister and the Finance Minister cheering every once in a while that Greece is breaking all records in the economy development.

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It may have been some improvement in the last few years, but the reality does not lie: we are two-thirds below the average European income, prices in food and other essentials as well as in services and in real estate (purchase and/or rent) are on a daily rally and all these make the real life for the average Greek a … torture.

How did Greece come to be the second poorest country in Europe after Bulgaria in GDP per capita?

“The causes of impoverishment are more or less well known. When in all other European countries from 2010 until 2023, nominal wages were constantly rising, in Greece they were falling, in an attempt to eliminate deficits through internal devaluation. Somehow, the Poles, the Romanians, the Hungarians, citizens who have traditionally and for decades been considered poorer than the Greeks, have surpassed us. In their countries they talk about convergence with the European average. In Greece we cannot claim something similar,” notes new website thetoc.gr.

Investing only in tourism and in real estate acquisitions is not enough.

Productive investments are needed, increase of the average salary, new well-paid jobs, production and exports.

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