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Τhe contribution of the bilateral economic relations with Germany to the Greek economy in 2020
 
Category: Macroeconomic Analysis
SubCategory: -
Date: 04/05/2022
 
The main objective of the study is to quantify the contribution to the Greek economy of the bilateral economic relations with Germany and to highlight the resilience of the German business community in Greece to the unprecedented conditions created by the pandemic. The study updates the analysis of the 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. During the pandemic, Germany maintained and in certain aspects strengthened its position as one of Greece's major trading and investment partners. Both in trade in goods and in tourism receipts, Germany’s share increased in 2020, when the restrictions were tightest, highlighting the resilience of the bilateral relations in times of crisis. The activity of the German business community is a major driver of economic growth in Greece. Taking into account interactions with other sectors of economic activity, the total contribution in terms of GDP from its operation and investment in Greece is estimated at €6.4 billion or 3.9% of GDP in 2020. In terms of employment, the total contribution is estimated at 65.9k 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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