Foreign-Owned Businesses in Greece Thrive in Trade and Services

Half of the foreign-owned businesses in Greece operate within the wholesale and retail trade sectors, as well as real estate management and related services, while foreign involvement in Greece’s industrial sector remains limited.

According to recent data from the Hellenic Statistical Authority, trade is the most common area of activity for foreign-linked firms, with 22.9% of these businesses involved in this sector.

Real estate management follows at 14.6%, while mining, utilities, and waste management collectively represent 10.2% of foreign business activities. Manufacturing accounts for just 7.7%, and construction 5.8%.

Despite government efforts to attract foreign investment, only 0.6% of all businesses across Greece are foreign-owned. However, these companies contribute significantly, generating 18.6% of the nation’s total revenue and employing 7.4% of the workforce.

Between 2021 and 2022, foreign businesses saw a remarkable 26% increase in revenue, although this was not matched by proportional job growth, with employment increasing by only 1.6%.

In terms of employment, the trade sector leads, accounting for 28.7% of jobs within foreign-linked companies, followed by manufacturing at 16.5% and accommodation and food services at 12%. Cyprus is the primary country of origin for parent companies, making up 44.5% of the foreign business presence, followed by the United Kingdom at 7.4%, Germany at 5.5%, the Netherlands at 5.4%, and Luxembourg at 5%.

Source: tovima.com