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| The plastics industry in Greece: Performance in 2019-2021, challenges and outlook |
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Category:
Microeconomic Analysis
SubCategory:
Others
Date: 26/04/2023 |
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| The scope of the study is to assess the economic footprint of the domestic plastics industry in 2019-2021 and to highlight the prospects and key challenges for its further development in Greece. In particular, the study summarises the developments in the broader economic environment in 2019-2021, analyses the latest data and developments in the key operating figures of the sector in Greece, presents an estimate of the sector’s overall contribution in terms of GDP, employment and tax revenues for 2019-2021 and analyses the key challenges and prospects for the domestic plastics industry going forward.
The production value of plastics in primary forms and plastic-rubber products gradually declined in 2018-2020 (from EUR 2.1 billion in 2018 to EUR 2.0 billion in 2020), but the sector’s gross value added increased significantly over the same period (from EUR 560 million to EUR 644 million). As a result, the plastics industry is placed fifth in domestic manufacturing, with 5.5% of the total value added of the manufacturing sector. Based on the participation of plastics production in the added value of manufacturing in 2020, Greece ranks third in the EU.
Taking into account the wider activity of the plastics industry, which includes, in addition to plastics manufacturing, the wholesale of plastic raw materials, manufacturing of machinery for the domestic plastic industry, and recycling of plastics, it is estimated that in 2021 around 1.2% of the country’s GDP (EUR 2.2 billion in absolute terms) relied directly or indirectly on the wider plastics industry. In terms of employment, the total contribution is estimated at around 43,000 jobs or 0.9% of total employment in 2021, while public revenue from taxes and contributions is estimated at around EUR 659 million in 2021, compared to EUR 613 million and EUR 601 million in 2019 and 2020 respectively.
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