Greek Households Reduce Food Consumption by 27%; Wealth Declines to 40%

Thursday, July 20th, 2017
Last Update: 23:46

Crisis-stricken Greeks have seen their wealth decline by 40%, their income dropping 26% and food consumption reduced by 27% in a five-year period, a Bank of Greece study shows.

The data applies to the 2009-2014 period and shows that annual household food consumption declined by 29.4% on average. In the poorest households, the decrease is 30.8%.

Another survey by GSEVEE, a branch of the workers confederation, shows that 65.3% of households are forced to cut back to secure necessities. Families of more than five, households with unemployed members and low income families face a more serious problem in meeting their basic needs.

At the same time, representatives of the Food Industries Association say that food consumption has dropped to the point that even sales of milk and bread are reduced. Characteristically, in the first two months of 2017, Greeks cut bread and milk by 5%-7%.

Greeks lost 40% of their income

According to a survey by Evangelos Charalambakis, published in the 45th issue of the Bank of Greece Economic Bulletin, in the 2009-2014 period, the median value of household wealth reduced by 40%.

The fall in the value of net wealth is attributed to the decline mainly in the value of real estate and, secondarily, in bank deposits. The study also shows a decline in the value of the balance of total loans to households and mortgages, but this change is not statistically significant.

In addition to the lost wealth of households, the median annual household income declined by 26% in the 2009-2014 period. Limited income along with heavy taxation have burdened Greek households tremendously.

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