| Research Activities |
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| Τhe contribution of the bilateral economic relations with Germany to the Greek economy in 2021 |
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Category:
Macroeconomic Analysis
SubCategory:
-
Date: 28/03/2023 |
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| 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.
In 2021, Germany maintained and in several indicators strengthened its position as one of Greece’s major trading and investment partners. Both in trade in goods and in travel receipts, the value of transactions with Germany increased significantly in 2021, following the easing of the pandemic measures. The trend is similar in the first few months of 2022, confirming the strategic economic relationship between the two countries that has been shaped through the development of close business relationships over many decades.
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 €6.8 billion or 3.8% of GDP in 2020. In terms of employment, the total contribution is estimated at 65k 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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