BUSINESS

Poverty in Greece keeps spreading

SOTIRIS NIKAS

TAGS: Economy

The small rebound experienced by the Greek economy in 2014 was not enough to avert another drop in the poverty threshold compared to 2013, reflecting the increase in the number of people threatened by poverty, Hellenic Statistical Authority (ELSTAT) figures showed on Thursday.

Data revealed that more than one in three Greeks (35.7 percent) suffered from poverty or social exclusion in 2014, with the poverty threshold at 4,512 euros per person or 9,475 euros per household with two adults and two children up to 14 years old. In 2013 the thresholds had stood at 4,608 euros and 9.677 euros respectively.

The population living in households where no member was employed for more than three months in 2014 numbered 1,111,300 people.

There was also an increase in the number of people who, due to financial hardship, were deprived of basics such as heating or a telephone and were unable to cover loan repayments and emergencies. This rate grew to 22.2 percent in 2014, from 21.5 percent in 2013 and 20.3 percent in 2012.

ELSTAT data also showed that the income of the richest fifth of the population is six-and-a-half times that of the poorest fifth. Such is the margin between incomes that if two Greeks are randomly selected, their incomes will differ by 34.2 percent on average from the national average.

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