| Research Activities |
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| The contribution of the bilateral economic relations with Germany to the economy of Greece in 2023 |
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Category:
Macroeconomic Analysis
SubCategory:
-
Date: 07/04/2025 |
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| The study analyses 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. 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 €3.3 billion in 2023, with further expansion in 2024 to €3.4 billion. Their share in total exports increased to 6.6% in 2023 and to 7.0% in 2024. Imports of goods from Germany to Greece stood even higher at €8.4 billion in 2023 and €8.8 billion in 2024, 10% of total imports. Germany tops the country rankings in tourism receipts (17.1% of the total in 2024) and comes second after Luxembourg in terms of total capital stock from foreign direct investment (13.5% 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 €10.7 billion or 4.7% of GDP in 2023. In terms of employment, the total contribution is estimated at 106k jobs in 2023, which represents 2.1% of total employment.
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