While Greek GDP recorded the largest percentage increase in investments between 2019 and 2024 in absolute terms in the EU, as noted recently by the Greek PM’s financial advisor during a Societe Generale conference in Paris, the country is performing extremely poorly in relative GDP terms.
A report by the Athens-based Institute for Alternative Policies (ENA) counters the government’s narrative, saying Greece is last in the EU in terms of investments per GDP percentage.
Sourcing data from Eurostat, ENA notes that investments (gross fixed capital formation) make up slightly less than 14% of total Greek GDP. In comparison, the average figure in the European Union and the Eurozone is 21.8% and 21.6%, respectively.
The report notes that while progress achieved cannot be overlooked, 2019 investments stood at 10.7% of GDP, compared to 2008, when investments accounted for 22.9% of GDP.
“Despite a rise in investments during the recent period, Greece has not managed to budge from the last position within the European Union. Thus, investments are likely not the strong point of the Greek economy, and the satisfaction expressed by the Ministry of Finance is not justified,” it notes, in response to a recent statement issued by the Ministry.
Remarking on Greece’s export of goods performance vis-à-vis other EU member-states relative to GDP, the Institute notes that it is among the last three in the bloc in terms of goods exports and seventh from the bottom regarding goods and services exports.
Exports of goods account for 22.6% of Greece’s GDP, compared to 35% in the Eurozone and 36.3% in the European Union. When services are included, Greek exports reach 44.9% of GDP, compared to 51% in the Eurozone and 52.3% in the European Union.
Source: tovima.com
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