Greeks are the second least satisfied population across the European Union for 2023, and the third lowest across Europe, according to new data released in a Eurostat survey.
According to the findings published by the EU’s statistical office, Greece ranks second-to-last in terms of life satisfaction among its citizens, with an average score of 6.9 in 10. Bulgaria fares the worst in the 27-member bloc, with a score of 5.9 in 10, the only European Union country with a life satisfaction score below 6.
With the EU average score at 7.3, Greece falls below that average, with a score the same as Latvia, while 15 countries reported scores close to or above the EU average, which indicates that citizens in most EU countries reported more satisfaction than dissatisfaction with their lives.
Finland has the highest score (7.8), followed by Belgium, Austria, Romania and Slovenia (all reporting a score of 7.7).
Factors affecting life satisfaction in the EU
According to Eurostat, life satisfaction can be influenced by a number of factors, such as age, level of education, family and of course, someone’s financial situation.
In terms of economic circumstances, according to Eurostat, the average annual full-time adjusted salary for employees in the European Union in 2023 was 37,900 euros ($39,460). Salaries in Greece once again ranked in the bottom-three spots within the 27-member bloc (17,000 euros or $17,700), with Hungary following closely (16,900 euros or $17,595) and Bulgaria reporting the lowest salary across the European Union (13,500 euros or $14,055).
Greeks are the second poorest people in the EU
According to the latest OECD (Organization for Economic Co-operation and Development) data in late 2024, Greeks are the second poorest people in Europe, with real wages steadily falling through 2022, dropping 30% from pre-crisis levels.
The Greek government boasts about Greece’s economic growth, which is higher than the Eurozone average. However, Greek citizens remain at the “bottom of Europe” in terms of real purchasing power. Despite the ongoing economic recovery, Greeks are becoming poorer. The situation may worsen over time. Currently, Greece is often compared to Bulgaria in terms of purchasing power.
While the Greek economy’s upturn has slightly raised living standards compared to the EU average, this improvement is minimal. It has not lifted Greece from its position as the poorest country in the Eurozone.
Comparisons to pre-crisis and Eurozone levels
It is worth noting that until 2009, Greece’s GDP per capita was close to the EU average. However, since then, 10 countries have surpassed Greece in living standards. Now, Greek people rank as the second poorest in Europe, only ahead of Bulgaria.
The gap between Greece and Bulgaria is shrinking rapidly. As a result, it is not unreasonable to expect Greece to soon become the poorest country in the EU. This prediction has sparked a heated debate in Greek politics.
So, how can strong recovery and deepening poverty exist simultaneously? The aftermath of the financial crisis and the austerity that followed are to blame. Greece was forced to cut spending and raise taxes to secure an IMF and EU bailout. These measures strangled businesses and households, collapsing the economy. The economic damage Greece suffered was rare, even in peacetime.
As a result, the Greek economy is still about 19% smaller than it was in 2007. Meanwhile, the EU economy has grown by 17% during that time.
