BUSINESS

Greece lags most EU peers in GDP figures, consumption

DIMITRA MANIFAVA

TAGS: Economy

Greece’s gross domestic product per capita last year reached its lowest point since the outbreak of the economic crisis, at just 67 percent of the European Union average, placing the country 23rd among the bloc’s 28 member-states, Eurostat figures showed on Tuesday. In 2009 Greek GDP had been at 94 percent of the EU average.

In terms of real private consumption the picture is slightly better, as the average living standard of Greek households was at 77 percent of the EU average, the same as in 2015. At the same time the level of prices, including indirect taxes, increased in 2016 from the year before to reach 86.2 percent of the EU average.

Greece is far behind the other old members of the EU both in per capita GDP and real private consumption – even the other member-states of the European south. It is also behind the Eastern European states that joined the EU from 2004 onward.

Online