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Contribution of shipping to the Greek economy: Challenges and outlook
Category: Microeconomic Analysis
SubCategory: Others
Date: 18/10/2023
Greece has a leading role in oceangoing shipping, which is the driving force of global trade. Meanwhile, passenger shipping connects the island economy with the rest of Greece and critically supports the economic and social life of the islands, transporting residents, visitors, and goods. Seagoing and passenger shipping, along with other segments of shipping (such as cruise and short-haul shipping), as well as many other activities providing shipping with services and goods (such as port operation, shipbuilding, ship repair, construction of marine equipment, banking, insurance, legal and accounting services), form a network of activities of particular importance for domestic income and job creation. The aim of the study is to examine and highlight the economic contribution, prospects and challenges of shipping in Greece. In particular, the study analyses trends in key indicators of water transport and related activities over the last decade, assesses the contribution of water transport to the Greek economy taking into account the interconnections with other sectors and examines the major regulatory, environmental and technological challenges that Greek shipping needs to address in order to remain competitive on the global market. According to the study, taking into account the multiplier effects on other sectors of the economy, the overall impact of shipping on Greece’s GDP was estimated at €14.1 billion per year (average period 2018-2021) corresponding to 7.9% of GDP. In terms of employment, the impact is estimated at 86,300 full-time jobs, while government revenues are boosted directly from shipping or indirectly through multiplier effects by around €1.9 billion. Τhe need to strengthen the shipping profession in Greece is imperative for the preservation of the Greek maritime tradition at sea, as well as for the sustainability of shipping agencies operating on shore. Major challenges facing shipping include the decarbonisation of shipping with green energy and fuels, the transition to smart shipping with digital solutions and autonomous ships, finding sufficient funding for the needed investment, and a volatile tax framework.

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