{"id":8099,"date":"2026-08-14T20:55:38","date_gmt":"2026-08-14T20:55:38","guid":{"rendered":"https:\/\/techanalysisnews.gr\/?p=8099"},"modified":"2026-08-14T20:55:38","modified_gmt":"2026-08-14T20:55:38","slug":"greece-productivity-gap","status":"publish","type":"post","link":"https:\/\/staging.techanalysisnews.gr\/en\/greece-productivity-gap\/","title":{"rendered":"Ten Years Without Productivity"},"content":{"rendered":"<div class=\"wp-block-group has-border-color is-layout-constrained wp-container-core-group-is-layout-803c672a wp-block-group-is-layout-constrained\" style=\"border-color:#b32d2e;border-width:1px;border-radius:8px;padding-top:20px;padding-right:24px;padding-bottom:20px;padding-left:24px\">\n<h3 class=\"wp-block-heading\">At a glance<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Productivity per person employed is now 3% <strong>below<\/strong> its 2015 level. In the euro area it is 2.4% above.<\/li>\n\n\n\n<li>Nominal pay per employee rose 9.5% in ten years \u2014 less than inflation.<\/li>\n\n\n\n<li>Unit labour cost rose 12.8%, that is <strong>more than wages<\/strong>, because the denominator shrank.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">In the previous article we saw why rents are running at three times the rate of inflation. What remains is the second half of the question: why every pay rise ends up in prices instead of being absorbed. The answer is a number that is rarely discussed, and it is among the worst in the Greek economy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What Productivity Measures<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Labour productivity is the output produced per person employed, in constant prices. It does not measure how hard someone works \u2014 it measures how much value their hour produces, given the equipment, the organisation and the size of the firm they work in.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is the measure that determines whether a pay rise is inflationary or not. If wages rise 5% and productivity rises 5%, unit cost stays the same and prices do not need to move.<\/p>\n\n\n\n\n\n<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a845a53182c9&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a845a53182c9\" class=\"wp-block-image size-large wp-lightbox-container\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1600\" height=\"850\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/productivity-greece-euro-area-en.png\" alt=\"Real labour productivity per person employed in Greece and the euro area, 2015 to 2025\" class=\"wp-image-8093\" srcset=\"https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/productivity-greece-euro-area-en.png 1600w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/productivity-greece-euro-area-en-300x159.png 300w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/productivity-greece-euro-area-en-1024x544.png 1024w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/productivity-greece-euro-area-en-768x408.png 768w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/productivity-greece-euro-area-en-1536x816.png 1536w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/productivity-greece-euro-area-en-18x10.png 18w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Greek productivity remains below its 2015 level. Source: Eurostat.<\/figcaption><\/figure>\n\n\n<p>\n\n\n\n\n\n\n<h2 class=\"wp-block-heading\">Ten Years Below Zero<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Eurostat index, with 2015 as its base, puts Greek productivity at <strong>97.0 in 2025<\/strong>. Ten years later, the economy produces <strong>less<\/strong> per person employed than it did in 2015.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The euro area over the same period went from 100 to <strong>102,4<\/strong>. The gap is five points, and it is not down to the pandemic \u2014 the 2020 dip to 89.8 was largely recovered. It is down to Greek productivity already being on a downward path before it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Gap that Becomes Inflation<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This is where the circle closes with the third article of the previous series. Unit labour cost is, by definition, the wage divided by productivity. When the numerator rises and the denominator falls, the ratio takes off.<\/p>\n\n\n\n\n\n<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a845a5318e93&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a845a5318e93\" class=\"wp-block-image size-large wp-lightbox-container\"><img decoding=\"async\" width=\"1600\" height=\"850\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/wages-productivity-ulc-en-v2.png\" alt=\"Indices of pay per employee, productivity and unit labour cost in Greece, 2015 to 2025\" class=\"wp-image-8097\" srcset=\"https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/wages-productivity-ulc-en-v2.png 1600w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/wages-productivity-ulc-en-v2-300x159.png 300w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/wages-productivity-ulc-en-v2-1024x544.png 1024w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/wages-productivity-ulc-en-v2-768x408.png 768w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/wages-productivity-ulc-en-v2-1536x816.png 1536w, https:\/\/staging.techanalysisnews.gr\/wp-content\/uploads\/2026\/08\/wages-productivity-ulc-en-v2-18x10.png 18w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The gap between pay and productivity lands in unit labour costs. Source: Eurostat.<\/figcaption><\/figure>\n\n\n<p>\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The numbers tie together: pay <strong>109,5<\/strong>, productivity <strong>97,0<\/strong>, and their ratio gives <strong>112,9<\/strong> \u2014 exactly what Eurostat\u2019s independent unit labour cost index shows, 112.8.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The key point is that unit cost rose <strong>more than wages<\/strong>. This is not about workers who got a lot \u2014 nominal pay rose just 9.5% in ten years, meaning it lost ground to inflation. It is about an economy that produces less per person.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why It Is Not a Question of Hard Work<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Productivity does not depend on the worker\u2019s effort but on what surrounds them: how much capital per job, how large the firms are, how modern the technology, how effective the organisation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Greece, the new jobs created in recent years have mainly been in low-value-added sectors \u2014 tourism, hospitality and retail. They add employment, not productivity. And because the index is an average, every new low-productivity job pulls it down.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What It Means in Practice<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">That there is no easy way out. As long as productivity stays flat, every pay rise has only two destinations: prices or margins. The third article of the previous series showed that since 2024 it goes into prices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And this is why core inflation sits at 3% while the euro area is at 2%. It is not a mystery \u2014 it is arithmetic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Sources: Eurostat, national accounts \u2014 real labour productivity per person employed, compensation of employees, employment and unit labour cost, 2015\u20132025. TechAnalysisNews calculations. The data and correlations do not constitute investment advice.<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>\u0397 \u03c0\u03b1\u03c1\u03b1\u03b3\u03c9\u03b3\u03b9\u03ba\u03cc\u03c4\u03b7\u03c4\u03b1 \u03b1\u03bd\u03ac \u03b1\u03c0\u03b1\u03c3\u03c7\u03bf\u03bb\u03bf\u03cd\u03bc\u03b5\u03bd\u03bf \u03b5\u03af\u03bd\u03b1\u03b9 3% \u03ba\u03ac\u03c4\u03c9 \u03b1\u03c0\u03cc \u03c4\u03bf 2015, \u03b5\u03bd\u03ce \u03c3\u03c4\u03b7 \u03b6\u03ce\u03bd\u03b7 \u03c4\u03bf\u03c5 \u03b5\u03c5\u03c1\u03ce \u03b5\u03af\u03bd\u03b1\u03b9 2,4% \u03c0\u03ac\u03bd\u03c9. \u0393\u03b9\u2019 \u03b1\u03c5\u03c4\u03cc \u03ba\u03ac\u03b8\u03b5 \u03b1\u03cd\u03be\u03b7\u03c3\u03b7 \u03bc\u03b9\u03c3\u03b8\u03ce\u03bd \u03ba\u03b1\u03c4\u03b1\u03bb\u03ae\u03b3\u03b5\u03b9 \u03c3\u03c4\u03b9\u03c2 \u03c4\u03b9\u03bc\u03ad\u03c2.<\/p>","protected":false},"author":1,"featured_media":8098,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_angie_page":false,"page_builder":"","footnotes":""},"categories":[70],"tags":[116,124,118,123,96],"class_list":["post-8099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-eurostat","tag-124","tag-118","tag-123","tag-96"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":7}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u03a4\u03bf \u039a\u03b5\u03bd\u03cc \u03a0\u03b1\u03c1\u03b1\u03b3\u03c9\u03b3\u03b9\u03ba\u03cc\u03c4\u03b7\u03c4\u03b1\u03c2 | TechAnalysisNews<\/title>\n<meta name=\"description\" content=\"\u0397 \u03b5\u03bb\u03bb\u03b7\u03bd\u03b9\u03ba\u03ae 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