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Τhe footprint of the German business community οn the Greek economy
Category: Macroeconomic Analysis
SubCategory: -
Date: 06/04/2021
The main objective of the study is to highlight the contribution to the Greek economy of the bilateral economic relations with Germany. The study examines trends in trade and investment flows between the two countries and quantifies the direct, indirect and induced effects on the economy of Greece of the operation and investment of member companies of the German Hellenic Chamber of Commerce and Industry. Germany is one of Greece's major trading and investment partners. The exports of Greek products to Germany amounted to €2.2 billion in 2019 or 6.8% of total exports. The share of Germany in the imports of Greece is even higher at 11.0% (€5.9 billion in 2019), while Germany is at the top of the country ranking in tourism receipts and total capital from foreign direct investment (with a share of 16.3% and 20.5% respectively in 2019). The activity of the German business community in Greece is a major driver of economic growth. Taking into account interactions with other sectors of economic activity, its total contribution in terms of GDP is estimated at €6.1 billion or 3.3% of GDP in 2019. In terms of employment, the total contribution is estimated at 75.7k jobs in 2019, which represents 1.7% of total employment. Correspondingly, the public revenue from taxes and contributions exceeds €1.3 billion.
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