Greek Economy Reshapes Its Productive Profile Through Exports, Industry and Tourism”

Contrary to the persistent stereotype that Greek growth hinges primarily on tourism and hospitality, the latest analysis highlights a shift toward exports, manufacturing and internationally competitive sectors — alongside tourism — as key engines of national growth.

Over the last decade, exports of goods have expanded at an average annual rate of about +7.8%, outpacing both gains in tourism receipts (+4.8%) and overall GDP growth (+3.4%). At the same time, manufacturing output has recorded steady increases — roughly +3% from 2013 to 2024 — surpassing GDP growth in the same period.

Employment trends also reflect this shift: jobs in manufacturing have grown at about +2.3% per year, roughly double the rate of the broader labor market. Investments in technology and equipment have seen strong increases as well, signaling rising business confidence and capacity expansion.

Significant gains are also evident in the agri-food sector, where the foreign trade balance has swung from a deficit of about €3 billion in 2008 to a surplus of €460 million in 2023, underscoring competitive advances in a key economic segment.

Crucially, the study underscores that the narrative of Greece as a “tourism‑dependent” economy is oversimplified. While tourism remains an important comparative advantage and a strong contributor to employment and external services, it now operates alongside more robust export and industrial performance.

Despite these positive trends, the analysis also acknowledges persistent structural challenges in market functioning, investment composition, and institutional effectiveness — issues that must be addressed to strengthen long‑term productivity and growth.

The key takeaway: Greece’s productive profile is evolving — not abandoning tourism but embedding it within a broader, export‑oriented growth strategy — a shift that could enhance competitiveness and resilience in a rapidly changing global economy.

Source: pagenews.gr