[Greece] Industry pays the economy’s highest wages

New research has shown that industry in Greece offers the highest wages compared to other sectors of the economy, by a rate that has varied between 26 per cent and 32 per cent in recent years, ekathimerini.com reports.

The study conducted by the Hellenic Federation of Enterprises (SEV), monitored the contribution of the sector by evaluating 24 indicators for the period 2010-2022 in five main pillars of the economy. 

According to SEV's findings, productivity in industry was at a historic high in 2022, reaching 81,200 euros per employee; a total 38 per cent higher than the entire Greek economy. 

The average annual salary in industry was reportedly 31.7 per cent higher than the corresponding size of the economy in 2022. The difference is the highest in the EU; the European average stands at 4.7 per cent. However, compared to their colleagues in Europe, employees in Greek industry are poorly paid.

In contrast to most EU countries, the average annual salary in Greece has recorded a downward trend over time (-12 per cent in 2022 compared to 2010). In 2022 the average annual salary in industry was €26,100, an amount corresponding to two-thirds of the annual pay of industrial workers at the EU level (€39,400 per year). Workers in Denmark ranked top in the EU, with an annual salary of over €77,000.

The footprint of domestic industry on the Greek economy and society is generally positive, according to the SEV study.

In addition, the study recorded the challenges that Greek industry - and the European - must face, with the largest being created due to competition for global investment. 

Significant investment incentives in the US, combined with the significant difference in energy costs and the drastically reduced bureaucracy, have reportedly created conditions for the flight of companies (mainly energy-intensive) from the EU and the possibility of a new wave of deindustrialisation, the authors of the study stated.

However, the survey also found significant potential for success if the big challenges are addressed. In such circumstances, SEV estimated that the medium-term goal of 15 per cent of GDP for manufacturing and 20 per cent of GDP for industry would be achievable. 

In order to keep up with the EU’s performance, SEV said Greece “must ‘upgrade’ with a plan, cuts and small revolutions.” 

Source: ekathimerini.com

(Quotes via original reporting)

New research has shown that industry in Greece offers the highest wages compared to other sectors of the economy, by a rate that has varied between 26 per cent and 32 per cent in recent years, ekathimerini.com reports.

The study conducted by the Hellenic Federation of Enterprises (SEV), monitored the contribution of the sector by evaluating 24 indicators for the period 2010-2022 in five main pillars of the economy. 

According to SEV's findings, productivity in industry was at a historic high in 2022, reaching 81,200 euros per employee; a total 38 per cent higher than the entire Greek economy. 

The average annual salary in industry was reportedly 31.7 per cent higher than the corresponding size of the economy in 2022. The difference is the highest in the EU; the European average stands at 4.7 per cent. However, compared to their colleagues in Europe, employees in Greek industry are poorly paid.

In contrast to most EU countries, the average annual salary in Greece has recorded a downward trend over time (-12 per cent in 2022 compared to 2010). In 2022 the average annual salary in industry was €26,100, an amount corresponding to two-thirds of the annual pay of industrial workers at the EU level (€39,400 per year). Workers in Denmark ranked top in the EU, with an annual salary of over €77,000.

The footprint of domestic industry on the Greek economy and society is generally positive, according to the SEV study.

In addition, the study recorded the challenges that Greek industry - and the European - must face, with the largest being created due to competition for global investment. 

Significant investment incentives in the US, combined with the significant difference in energy costs and the drastically reduced bureaucracy, have reportedly created conditions for the flight of companies (mainly energy-intensive) from the EU and the possibility of a new wave of deindustrialisation, the authors of the study stated.

However, the survey also found significant potential for success if the big challenges are addressed. In such circumstances, SEV estimated that the medium-term goal of 15 per cent of GDP for manufacturing and 20 per cent of GDP for industry would be achievable. 

In order to keep up with the EU’s performance, SEV said Greece “must ‘upgrade’ with a plan, cuts and small revolutions.” 

Source: ekathimerini.com

(Quotes via original reporting)