More than 70% of Greek businesses reported annual net earnings equal to or below the statutory minimum wage in 2024, raising fresh alarms about the structural fragility of the country’s private sector, according to newly released data from the Independent Authority for Public Revenue (AADE).
With the gross annual minimum wage in Greece currently set at €10,152, the findings suggest that a significant portion of small and medium-sized enterprises (SMEs) are either barely breaking even or operating at a loss.
This pattern has been consistent in recent years, but the 2024 figures are particularly stark. Out of 730,000 active businesses, over 514,000 declared profits below or equal to the minimum wage threshold. ”The data paint a sobering picture,” said economist Eleni Mavridou of the Hellenic Foundation for Economic & Industrial Research (IOBE).
Despite this data, Greece’s macroeconomic outlook remains cautiously optimistic. Growth forecasts from the OECD and EBRD project 2.5–2.6% GDP growth in 2025, bolstered by strong tourism revenues and renewed investment interest.