The private sector workers in Greece have seen their wages plunge 25% in 2011, thus suffering the brunt of the impact of the recession that the country is plunged for more than four years, according to a report by the Organisation for Cooperation and Development (OECD), published Thursday, April 26.
The average gross salary of a full-time employees has declined from 23.1% in 2011 and 25.3% after taking into account inflation, we read in the report.
The average net wage fell to 12,530 euros per year in Greece , less than half of what it is in Germany . This figure is also below the average net wage in Portugal - another country in the eurozone in trouble.
The wage falls and Greek to its 2006 level. It remains of some two-thirds higher than the level of 2000, which preceded the entry of Greece into the euro.
Bad news for the country are linked. Greece should see its GDP fall by "around 5%" in 2012, after falling 6.9% in 2011, according to forecasts from the Bank of Greece published Tuesday.
As for the annual unemployment rate, it is expected to be "more than 19%" in 2012, against 17.7% in 2011 - year in which 300,000 jobs were destroyed.