Potential of the blue economy

Bank of Greece Governor Yannis Stournaras on Wednesday emphasized the significant growth prospects of Greece’s blue economy in the coming years, contingent on reducing its environmental and climate impact.

Speaking at an event organized by the Municipality of Piraeus in collaboration with Blue Innovators of Piraeus, Stournaras pointed to overfishing and unsustainable fishing practices, which remain a threat to marine resources, potentially leading to stock depletion and ecosystem damage.

According to 2021 data, sectors within the blue economy in Greece employ approximately 446,000 workers (11.4% of the national workforce) and generate about 6.5 billion euros in gross value added (4.1% of total GVA). Coastal tourism is the largest contributor, accounting for 83% of blue economy jobs. The marine living resources sector employs 8% of the blue economy workforce, while other sectors contribute smaller shares.

Greece ranks fifth in the European Union for coastal tourism’s contribution to GVA and second for employment. The marine living resources and maritime transport sectors also play significant roles in employment, with Greece ranking sixth in both categories.