Greece's industrial sector is experiencing a significant resurgence, according to Economy and Finance Minister Kostis Hatzidakis.
Speaking at the 8th Annual Economic Conference of the Hellenic Entrepreneurs Association, Mr. Hatzidakis addressed concerns about an overreliance on the services sector, highlighting strong growth in industry and manufacturing.
Mr. Hatzidakis pointed to recent data that supports this positive trend.
Industry's contribution to Greece's GDP has risen from 12% in 2019 to 13.8% in 2023, with a 7% increase in industrial employment, according to the Hellenic Statistical Authority. Furthermore, productivity in manufacturing has surged by 20.4% since 2019, and investments have grown by an impressive 53% – the highest rate in the European Union.
Mr. Hatzidakis emphasized the diversification of the Greek economy, dismissing claims that "Greece doesn't produce anything."
He cited the doubling of exports since 2008, reaching €98 billion, and the fact that Greece's goods exports now match its services exports, with high-tech goods gaining prominence.
The Minister attributed this progress to the combined efforts of businesses, workers, and supportive government policies that encourage investment while maintaining fiscal responsibility. He also noted the positive impact on job creation, with over half a million new jobs added since 2019.
Looking ahead, Mr. Hatzidakis outlined a range of initiatives aimed at further strengthening the Greek economy.
These include new incentives for mergers, acquisitions, research, and innovation under a forthcoming tax bill. Mr. Hatzidakis believes this bill will make Greece's investment climate one of the most competitive in the EU.
Plans to bolster the banking sector, reduce non-performing loans through the "Hercules" program, and provide workforce training in green and digital skills are also underway. These initiatives are expected to benefit over 700,000 workers in the coming years.
Mr. Hatzidakis reaffirmed the government's commitment to tax reduction, highlighting that over 60 taxes have been lowered since 2019.
He noted that Greece has achieved the largest tax-to-GDP reduction among EU countries. A new tax bill for 2025 will introduce 12 additional tax cuts, further enhancing Greece's competitive edge.
This growth-oriented strategy, Mr. Hatzidakis concluded, not only drives economic development but also promotes fairness, benefiting law-abiding citizens and contributing to Greece's sustainable recovery.