Greece has the most important lower in actual earnings from work of all EU international locations within the interval 2019-2023 with a charge of -8.3%. This and lots of different findings could be discovered within the Annual Report (2024) on the Greek financial system and employment by the GSEE Labor Institute.
It’s concluded that Greece not solely doesn’t converge with the EU-27 by way of social sustainability, but in addition diverges quickly from the northern European international locations and from the peripheral international locations, which developed quickly throughout the identical interval.
In 2023 Greece had the bottom funding as a share of GDP throughout the EU. As a substitute of producing, greater than half of FDI went into the residential market in catering and vacationer lodging. “The shortage of funding in sectors that supply excessive added worth to the financial system as an entire, equivalent to
for instance, investments in Analysis and Growth (R&D), lock the financial system in a context of low productiveness, weak manufacturing construction and excessive import dependence”, it’s famous.
Receipts from oblique taxes (VAT, and many others.) are at 17.4% of GDP, in comparison with 12.5% within the Eurozone. It’s recalled that oblique taxes are thought-about probably the most unfair as a result of they significantly have an effect on the poorest.
In 2023, the hourly earnings generated by the Greek financial system, which can be an indicator of productiveness, had the bottom buying energy within the EU. On the identical time, in the identical yr Greece had the bottom exports of high-tech merchandise as a share of complete exports among the many states -members of the EU.
“Financial exercise continues to be primarily based on the family deficit and never on productive investments by companies,” notes the Report in its conclusions.
Regardless of its steady discount since 2014, the unemployment charge in our nation stays excessive. In 2023 it stood at 11.1%, which is the second highest amongst EU member states. As well as, the unemployment charge of ladies aged 15-74 in Greece reached 14.3% in 2023 (the best within the EU) , and regardless of its discount, the issue of youth unemployment additionally stays acute, with the share of unemployed aged 15-29 final yr reaching 21.8%.
“The deviation of productiveness from the true wage within the interval 2019-2023 has led to a scientific redistribution of earnings on the expense of labor,” notes the Report.
Poverty
In 2023, 24.1% of individuals dwelling in cities and 30.4% of these dwelling in rural areas had been liable to poverty or social exclusion.
The share of younger folks aged 18-24 in extreme materials and social deprivation in Greece is greater than twice as excessive because the European equal.
Within the three years 2021-2023, roughly 36% of households in Greece coped with nice issue in spending to cowl their primary wants.
Technological backwardness
The technological slowdown of the Greek financial system over the past decade is a figuring out issue for employment in high-skilled occupations, because the hole in comparison with the EU elevated from 6.4% in 2013 to 11.4% in 2023.
Greece is sort of low within the rating among the many 27 EU member states by way of revolutionary motion, since in 2023 it was in twenty first place.
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