The study assessed the importance of the early adoption of cloud computing for the competitiveness of the Greek economy. It contained an analysis of Greece’s macroeconomic environment and competitive inefficiencies and an outline of the cloud computing technology. The study estimated the impact of cloud computing under several penetration scenarios on the Greek ICT ecosystem and IT spending, which was then fed into an input-output model of the Greek economy, in order to estimate multiplier effects in terms of value added, employment and foreign trade balance.