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Greece is undoubtedly a popular holiday destination, and with its beautiful islands, ancient history and delicious food, it’s no wonder. But beyond the picturesque beaches and charming streets, Greece is a country that faces its fair share of economic challenges.
One area that often comes under scrutiny is the average salary. Many wonder how the Greek workforce fares in terms of income and whether it is enough to sustain a comfortable lifestyle. In this article, we’ll discuss this topic, explore the factors that influence it, and shed light on the realities faced by workers in this Mediterranean nation. So, let's take a closer look at what the average salary in Greece is and what it means for those who call this beautiful country home.
What is the average salary in Greece?
According to Greece in Figures, the average salary in Greece is around 15,335 per year or 1,277 EUR per month, which is relatively low compared to other countries in the region. However, as this figure includes both employed and non-employed individuals and is estimated as the country’s overall average, it’s important to remember the below factors:
- Location: Salaries vary significantly across regions and countries due to cost of living, economic factors, and industry demand. Comparing salaries without considering location can be misleading.
- Industry and role: Different sectors and job titles have vastly different salary ranges. Knowing the specific industry and role is crucial for accurate interpretations.
- Experience and qualifications: Salaries typically increase with experience, education, and specialised skills. Comparing salaries without accounting for these factors can lead to false conclusions.
- Tax rates and benefits: While not reflected in raw salary figures, tax rates and employer benefits play a crucial role in overall compensation and employee well-being.
- Cost of Living: A high salary in one location might not translate to the same purchasing power in another due to differing costs of living.
Further analysing the average salary in Greece
As the above figure represents the net salary for a single person without children, it would be good to look at the other average figures for the country:
Source: Greece in Figures
Despite the low salary averages, the unemployment rate is much lower than previous years, at 12.5%.
The average salary in Greece by occupational group
Now let's dive deeper by exploring the average salaries by occupational group. Here’s the breakdown:
Source: PayLab
The average salary in Greece by individual job role
As the above table only looks at each industry as a whole, we’ll dig a bit deeper and focus on specific roles within some of these industries:
1. Technology and Development
It’s quite common across the globe to find higher salaries within this industry, and Greece isn’t an exception. Below are the average salaries for earners in this field.
2. Pharmaceutical
It should be no surprise that those in the pharmaceutical industry are also very well compensated. Here’s a quick breakdown:
3. Law & Legislation
Another lucrative industry is Law, which, again, shouldn’t be a surprise as this is quite common across the world.
4. Medicine & Social Care
Those in the medical field also have the potential to earn high amounts, depending on their role and experience level.
5. Mechanical engineering
There is a great need for mechanical engineers in a variety of industries, such as energy, manufacturing, construction, and transportation, which is why this industry also pays high.
Sources: Economic Research Institute (ERI)
What influences the average salary in Greece?
The average salary is determined by a combination of various factors that impact the overall level of income as well as the gaps between different industries and job positions. Let’s look into this further:
1. Economic Factors
Gross Domestic Product (GDP): When an economy is strong and growing, people tend to earn more money on average. But recently, Greece has been struggling economically compared to some other countries in Europe, which has affected the average salary.
Inflation: The price for goods and services in Greece is relatively high, and has been for quite some time. This could be attributed to its steady tourism. Did you know that every year, the number of visitors to Greece exceeds its population?
2. Government Policies
Minimum wage: Greece's minimum wage is relatively low compared to some European countries.
Social Security and benefits: Greece's social safety net has been strained in recent years, potentially impacting wage demands.
Average salaries in other European countries
According to the data from Greece in Figures, Greece’s average salary is 81.78% less than Switzerland's and 32.96% less than Poland's. Here’s a breakdown of other European countries:
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