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The contribution of the bilateral economic relations with Germany to the economy of Greece in 2022
Category: Macroeconomic Analysis
SubCategory: -
Date: 28/06/2024
The main objective of the study is to highlight 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 after the pandemic and the energy crisis that hit Europe. 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 from the operation and investments of member companies of the German Hellenic Chamber of Commerce and Industry in Greece. Germany is one of Greece's major trading and investment partners. The exports of Greek products to Germany amounted to €3.4 billion in 2022. Despite their marginal decrease to €3.3 billion in the following year, their share in total exports increased from 6.4% in 2022 to 6.6% in 2023. Imports of goods from Germany to Greece stood even higher at €8.4 billion in both 2022 and 2023 (9.2% and 10.4% of total imports correspondingly). Germany tops the country rankings in tourism receipts (17.3% of the total in 2023) and comes second after Luxembourg in terms of total capital stock from foreign direct investment (16.2% of the total). The activity of the German business community in Greece is a major driver of economic growth in the country. Taking into account interactions with other sectors of economic activity, its total contribution in terms of GDP is estimated at €7.9 billion or 3.8% of GDP in 2022. In terms of employment, the total contribution is estimated at 75.4k jobs in 2022, which represents 1.6% of total employment.

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