Industry spurring growth more
The contribution of industry to Greece’s growth in rising, according to economic reports from banks based on Hellenic Statistical Authority (ELSTAT) data.
“On the supply side, the industrial sector was by far the largest contributor to the strengthening of domestic economic activity in Greece in the first half of 2024,” Eurobank reported a few days ago.
“The gross value added produced by the manufacturing sector in the second quarter of 2024 had the largest contribution to the annual change in total GVA for the past 25 years,” noted National Bank.
According to Alpha Bank’s weekly bulletin on Wednesday, the share of industry in the total GVA of the economy stood at 16.1% in the first half of 2024, significantly higher than the average of the previous decade, which was 14.8% for 2010-2019.
“This is likely linked to the significant increase in investment in the industry, recorded from 2020 onwards,” it says.
However, Alpha’s analysts also point out that this rate is still below the eurozone average, which was 18.8% in the first half of 2024.
They stress that Greece “needs a realistic strategy for industry so that it innovates, exports and creates new, high-paying jobs by transitioning to a medium- and high-tech economy.”
