FACTS AND FIGURES

Contribution of manufacturing to the economy and society

The manufacturing sector in Greece, despite its smaller share in the economy compared to the European average, still plays a major role and has a considerable impact, both in terms of economic output and social cohesion, due to strong multiplier effects.

Manufacturing at the center
of Europe's development strategy

14,3 %

the contribution of manufacturing
to the EU GDP

FIGURE 1.1
VS
8 %

the contribution of manufacturing
to the GDP in Greece

FIGURE 1.2
GOAL

The European Union has set itself the objective of increasing the share of manufacturing to 20% of the European GDP by 2020

The impact of manufacturing
on the Greek economy

The overall impact of the manufacturing sector on the country’s GDP exceeds
€55 billion (31%).

1

added value directly generated
by manufacturing

3,1

added in total to
the Greek GDP

FIGURE 1.3

Government revenues

The activity of Greek manufacturing contributes
directly and indirectly to the state revenues.

3,4 bn

direct contribution of manufacturing
to the state revenues

11,1bn

total contribution of manufacturing
to the state revenues

FIGURE 1.4

Manufacturing: A stable investor in the Greek economy.

INVESTMENTS
(in mn €)
2600
2550
2500
2450
2511
1995-2001
2533
2002-2008
2547
2009-2014
FIGURE 1.5

The industry has kept its investments
stable during the crisis

The impact of manufacturing
on exports

2008 - 2015

87 %

of the country’s exports
are manufactured products

FIGURE 2.1

In the last few years
industrial goods are exported
to more countries

NUMBER OF
EXPORT DESTINATIONS
185
180
175
170
165
160
171
174
173
174
175
180
184

The top 5 products in export value are petroleum refining,
food, base metals, chemical products and pharmaceuticals.

FIGURE 2.2

The impact of manufacturing
on employment

1.200.000

JOBS

According to a research conducted by the
Foundation for Economic & Industrial Research (IOBE)

CORRESPONDS TO

31,3 %

of total employment
in Greece

FIGURE 3.1

EACH

1

job opening
in manufacturing

RESULTS TO
A TOTAL OF

3,5

jobs added to
the economy

FIGURE 3.2

Manufacturing:
One of the greatest
employers of the country.

Manufacturing is one of the largest employers in the country, after trade and agriculture and roughly at the same level as hotels and restaurants (ELSTAT, 2nd quarter 2015)

NUMBER OF
EMPLOYEES
(in ,000)
700
600
500
400
300
200
100
0
657.3
WHOLESALE
& RETAIL
472.4
AGRICULTURE
333.7
HOTELS,
RESTAURANTS
332
MANUFACTURING
FIGURE 3.3

Manufacturing requires employees
that have greater specialization
while the industry offers stable
working relationships

Manufacturing offers
higher salaries comparing to
other sectors of the economy

€ / hour
11€
SERVICES
25€
MANUFACTURING
0
10
20
30
40
23 %

of those employed in
manufacturing
are University graduates

FIGURE 3.4

The impact of manufacturing
on innovation

36 %

The impact of manufacturing
on innovation exceeds vastly its relatively
small direct share of GDP (9%):
36% of the total expenses in R&D
are attributable to
the manufacturing industry.

FIGURE 4.1

The potential impact
of a stronger industry

The share of the Greek manufacturing industry has declined from 11.4% of GDP in 1995 to 8.8% in 2016.

According to a 2017 research conducted by IOBE (Foundation for Economic & Industrial Research), an increase of the manufacturing share to the levels of 1995 (ie to 11.4% of GDP from 8.6% today and compared to an EU average of 15%), would lead to a very significant impact on the Greek economy:

–        An increase of GDP by 12.8% (€22.7 billion)

–        An increase of employment by 12.7% – more than 500,000 new jobs; 150,000 directly in the industrial sector

–        An increase in tax and social system revenue by €4.6 billion per year


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