Wages in Greece Fell for the Second Quarter of 2014

Wages in Greece continued falling in the second quarter of the year, recent reports show. Greece has now become one of just three EU member-states to record a decline in wages in both the first and second quarters of 2014.

In Greece, the wages index fell by 1.4% in the second quarter of 2014. During the corresponding period last year, wages decreased by 7.4%. Seasonally-adjusted, the wage index fell by 1% in the second quarter of 2014, after a 9.1% decline recorded in the second quarter of 2013.

With the exception of seasonal worker wages, Greek wages have been falling continuously for four years now: by an average rate of 5.05% in 2011, 7.4% in 2012, 6.55% in 2013 and 1.35% in the first half of 2014.

The highest wage increases were recorded in Estonia, with a 7.7% rise in the first quarter and 7.4% in the second; Latvia 7.4% and 6.9%, respectively; Slovakia, 3.5% and 6.1%; Romania, 5.3% and 5.0%; and Hungary, 3.1% and 4.9%. In Germany, wages increased by 1.3% in the first quarter and 1.6% in the second.