Greece scores below average in several indicators associated with prosperity and quality of life, according to an OECD global report across 35 countries.
The country lagged in indicators such as income, employment, and trust in institutions, as the report, entitled “What is life like in Greece?” provides a snapshot of daily life through 80 well-being indicators.
The report zeroes in on 11 key components ranking its members’ strengths and shortcomings on income and wealth, housing, employment quality, health, knowledge and skills, environmental quality, subjective well-being, safety, work-life balance, social connections, and civic engagement.
Disappointingly, Greece scores below the OECD average in at least one subcategory for each component, including income inequality, crowded housing, gender wage gap, overtime work, exposure to extreme temperatures, and voter participation.
As the data indicate, Greece has one of the lowest wage performances in the OECD, with the third-lowest wage among the 35 countries surveyed, just above Mexico and Colombia and close to Slovakia and Hungary. Greece recorded the largest decline in real wages between 2010 and 2019, and ranks fourth-lowest for wage deterioration from 2019 to 2022, after the Czech Republic, the Netherlands, and Germany.
The country’s economic performance has deteriorated markedly since 2010, with public debt rising from 94% to 134% of GDP and a significant drop in fixed capital formation (investments) from $97,000 per capita (in PPP terms) to $78,000.
The OECD also analyses Greece’s resource management, which is critical for future prosperity, including natural, economic, and social capital. Comparing current data with 2010 indicators, the report notes both improvements and setbacks. For natural capital, Greece has improved in two of three indicators: per capita carbon emissions dropped from 10,700 tons to 7,300 tons, and renewable energy use doubled, increasing from 8.6% in 2010 to 16.6%.
The country ranks among the lowest in the OECD in social capital. Representation of women in politics remains unchanged since 2010, with women holding only 21% of legislative seats. Public trust in government is also low, with 7 out of 10 Greeks expressing distrust, similar to levels in 2010 when Greece was placed under financial supervision.
The report indicates Greece has the highest percentage of citizens struggling to make ends meet, behind only Mexico, Slovakia, and Turkey. Over 65% of Greeks face financial hardship, a higher rate than in 2010, though slightly improved from 2019.
