The Greek statistics authority ELSTAT has published a study according to which wage and benefits cuts resulted in a 14-billion-euro reduction of disposable incomes in 2013.
According to ELSTAT’s provisional data on the annual non-financial accounts for institutional sectors, the gross disposable income in 2013 dropped to 122.2 billion euros from 136.2 billion euros in 2012.
This significant drop is attributed to the 10.7% cut in wages and the 12.3% of social benefits for households that took place. The final consumption expenditure was reduced by 3.6% in 2013 compared with 2012, from 134.7 billion euro to 129.9 billion euro.
ELSTAT’s full report is available online.
