Disposable income has shrunk

Per capita real disposable income of Greek households shrunk 1.9% in the first quarter of 2024 compared to the final quarter of 2023, data released Monday by the Organization for Economic Cooperation and Development show.

This is the greatest drop among the 38 OECD members, which, on average showed real per capita disposable incomes rising 0.9%.

According to data released recently by the independent Hellenic Statistics Authority, per capita nominal disposable income rose 1.1% in the first quarter compared to the same period in 2023. But inflation rose around 3%, so real disposable income was down year-on-year. Monday's OECD report provided further confirmation, this time quarter-on-quarter, that inflation is hurting real incomes.

There were five other OECD countries that saw real disposable incomes decline: Belgium (1.4%), the Czech Republic (1.4%), Australia ...