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Delphi Economic Forum: Industry is the Overall Accelerator of the Greek Economy
šŸ‡¬šŸ‡· Greece /Economy & Trade

Delphi Economic Forum: Industry is the Overall Accelerator of the Greek Economy

From Ta Nea · (8m ago) Greek Positive tone

Translated from Greek, summarized and contextualized by DistantNews.

TLDR

  • The 11th Delphi Economic Forum highlighted the crucial role of industry as a driver of the Greek economy.
  • Industrial exports have surpassed tourism revenues, reaching 45 billion euros, with industry accounting for 90% of goods exports.
  • Key challenges include high and unpredictable energy costs, alongside the need to balance social cohesion, industrial competitiveness, and defense spending.

At the 11th Delphi Economic Forum, a clear consensus emerged: Greek industry is the linchpin of the nation's economic growth, competitiveness, and resilience, especially amidst prevailing geopolitical and energy uncertainties. Rania Aikaterinari, President of the Executive Committee and Vice President of SEV (Hellenic Federation of Enterprises), underscored this point, revealing that industrial exports, now valued at 45 billion euros, have outstripped tourism receipts of 25 billion euros. This signifies a major shift, with industry contributing 90% to the total value of goods exports.

Aikaterinari further elaborated on the sector's impressive trajectory, noting that between 2015 and 2025, exports of goods surged by approximately 90% to reach 50 billion euros. The industrial sector, particularly heavy industry, accounts for a substantial portion of this growth. Moreover, industrial added value has grown significantly faster than the overall GDP, increasing by over 40% in the same decade compared to 17% for GDP in deflated terms. Labor productivity within the industry also stands out, being about 60% higher than the national economic average.

competitive industry without competitive and stable energy costs cannot exist.

ā€” Rania AikaterinariPresident of the Executive Committee and Vice President of SEV, highlighting the critical impact of energy prices on industrial competitiveness.

Despite these positive indicators, a critical hurdle remains: the high and unpredictable cost of energy. Aikaterinari stressed that a competitive industry cannot exist without competitive and stable energy prices. This challenge is compounded by the complex balancing act governments face in allocating resources between social cohesion, industrial competitiveness, and escalating defense needs, particularly as Europe navigates the upcoming fiscal period of 2028-2034. While the EU is moving towards more flexible state aid frameworks and discussing energy cost support, Aikaterinari cautioned that these short-term measures do not address the root cause ā€“ uncertainty. A comprehensive reform of the energy market, including improved infrastructure, reduced losses, and rationalized regulatory charges, is essential for sustained industrial development in Greece.

Industry is the overall accelerator of the Greek economy.

ā€” Rania AikaterinariConcluding remark on the vital role of industry for Greece's economic advancement.
DistantNews Editorial

Originally published by Ta Nea in Greek. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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