Greek consumption rate above per capita GDP

By Dimitra Manifava

Real per capita private consumption in Greece remained at relatively high levels last year, even if it was reduced due to the financial crisis, according to analysis issued by Eurostat, the official statistical office of the European Commission.

Interestingly, while private consumption in Greece amounted to 83 percent of the European Union average last year, the per capita gross domestic product was far lower, at 72 percent of the EU average. In 2009, before Greece entered a bailout program, the country?s per capita GDP amounted to 94 percent of the EU average.

Based on real private consumption, measured in purchasing power units, Greece ranked 15th among the 28 EU member-states last year, on a par with Portugal and below Spain, which had a rate of 90 percent of the EU average. In terms of per capita GDP, Greece ranks 22nd, just behind Estonia.

If anything, the Eurostat data point to a three-tier bloc, as the top tier has 10 member-states with high consumption, the second includes Greece and 11 other members with real consumption being to 30 percent below the EU average, while the third has six members with consumption up to half the EU average.