Greeks cut back €8700 in annual household expenses during the crisis
Updated: May 18, 2019
From 2008 to 2016 the economic crisis in Greece forced households to make drastic cuts in their budgets. Annual purchases plummeted by an average of 34% in these 9 years.
According to the ELSTAT Household Budget Surveys households in Greece cut monthly purchases from an average of €2118 in 2008 to €1392 in 2016. That's a €726 reduction per month, or €8708 per year!
The two tables below indicate where cutbacks where made and the extent of the reductions.
In 2017, households managed to increase their average monthly spending, for the first time in many years, by an average of 1%.
Table 1: Average Greek Household MONTHLY Purchases and Cutbacks, 2008-2016
Table 2: Average Greek Household ANNUAL Purchases and Cutbacks, 2008-2016
Note: Greek decimal delimination used in tables
Data Source: ELSTAT Greek Household Budget Surveys, 2008 & 2016