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Greek Wages on Steady Decline


Note that while last year across Europe there was a raise in wages, Greece and Cyprus suffered reductions.
According to ELSTAT’s (Hellenic Statistical Authority) data, wages in Greece have been on a constant and steady decrease since 2010, while the largest decrease was recorded in the first quarter of 2013, touching an average of 11.9 percent.
In comparison to what is happening at a European level, ELSTAT estimates that the Greek wages decreased by 4.1 percent in the fourth quarter of 2013, while in Cyprus the wages decreased by 6.7 percent. In every other EU country, during the same period there were wage increases, even in countries under a Memorandum regime or under supervision.
In particular, wages in Spain increased by 3.7 percent, in Portugal by 0.5 percent, in Ireland by 0.4 percent, in Italy by 1.4 percent. In Germany there were increases in wages by 2.2 percent, in France by 1.7 percent, in Netherlands by 2.6 and in the UK by 0.5 percent.
Finally, in Bulgaria wages increased by 4 percent, in Estonia by 7.7 percent, in Latvia by 5.7 and in Lithuania by 5.8 percent.

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