Salaries drop by over 10 pct within a year

Salaries in Greece have declined by a remarkable 10.1 percent within just one year, from the first quarter of 2012 to the same period this year, returning to levels last recorded in 2006.

Since the austerity program came into effect in the first quarter of 2010, salaries have dropped 22.3 percent, according to data released by the Hellenic Statistical Authority (ELSTAT) on Tuesday.

The first quarter to show an annual decline in salaries was the January-March 2009 period, with a rebound in the next four quarters up to the second quarter of 2010, when salaries began their steady slide, as was expected due to the continuing contraction of the Greek economy.

The data do not concern salaries in the primary sector, in health, education and the public sector in general.

On a quarterly basis, the drop in salaries in Q1 of 2013 amounted to 24.3 percent compared with the last quarter of 2012, although it should be noted that the last quarter of every year includes the Christmas bonus (usually as high as a full month’s salary), which makes salary figures appear considerably higher over that period.