Economy Overview | Remote Work Conditions | Local Business Environment | Legal and Regulatory Environment | Transport and Infrastructure

Economy Overview

Economic Landscape

Overview of the economy, focusing on its stability and growth:

Greece's economy is a mix of modern industries and commerce along with a significant agricultural sector. Following the 2008 global financial crisis, Greece faced a sovereign debt crisis, resulting in multiple international bailouts. However, post-2018, the country started exhibiting signs of a gradual economic recovery, with a focus on fiscal consolidation, structural reforms, and attracting foreign investments.

Key industries and sectors and their contribution to the GDP:

 - Services: Dominated by tourism, contributing approximately 20% to the GDP. Tourism is pivotal, with major destinations like Athens, Santorini, and Mykonos drawing millions of visitors annually.

 - Industry: Comprises about 24% of the GDP, with sectors including food and tobacco processing, textiles, chemicals, metal products, mining, and petroleum.

 - Agriculture: Accounts for around 3.4% of the GDP. Key products include wheat, corn, barley, olives, tomatoes, wine, tobacco, and potatoes.

Supplemental Table: Key Economic Sectors and Their Contribution

Bank of Greece - Economic Analysis

Job Market

Overview of the job market, including demand in different sectors:

Post-crisis, the Greek job market has seen fluctuations. There's been significant growth in the tourism and hospitality sectors, reflecting the country's standing as a top global destination. The IT sector, finance, and energy sectors are also seeing growth, offering opportunities for skilled professionals.

Unemployment rate and workforce demographics:

The unemployment rate peaked during the crisis but has been gradually decreasing, standing at around 16.5% as of the latest data. Youth unemployment remains a challenge, albeit improving. The majority of the workforce is employed in the service sector, followed by industry and agriculture.

Supplemental Information: Youth unemployment had reached highs of over 40% during the height of the crisis but has been on a downward trajectory thanks to various national and EU initiatives aimed at bolstering job opportunities for young Greeks.

ELSTAT - Hellenic Statistical Authority

Investment Climate

Investment opportunities and trends:

Greece's investment climate is becoming increasingly favorable. Key areas attracting foreign investment include real estate, especially with the "Golden Visa" program granting residency for significant property investments. Renewable energy, especially wind and solar projects, is another promising sector.

Government incentives for foreign investors:

Greece offers various incentives to attract FDI, including tax breaks, reduced bureaucracy for strategic investments, and grants through programs co-financed by national funds and the EU.

Enterprise Greece - Investment Incentives

Remote Work Conditions

Remote Work Culture

Prevalence of remote work in Greece:

The trend of remote work has been growing in Greece, primarily in sectors like IT, marketing, and customer support. The COVID-19 pandemic further accelerated this trend, with many companies adopting hybrid working models.

Attitudes towards remote work from employers and the workforce:

Initially, skepticism surrounded remote work among traditional businesses. However, the demonstrated benefits in terms of productivity and work-life balance have led to a more widespread acceptance.

Supportive Case Study: A 2020 study indicated that 60% of Greek companies believe remote work positively impacted performance during the pandemic lockdowns.

Study on Remote Work in Greece

Work-Life Balance

Expectations and norms around work hours and productivity:

Traditionally, Greeks work long hours, with a typical workweek spanning 40 hours. However, with the adoption of remote work, there's been a shift towards valuing productivity over hours clocked, fostering better work-life balance.

Support and infrastructure available for remote workers:

Digital nomads and remote workers in Greece benefit from coworking spaces, especially in cities like Athens and Thessaloniki. These spaces offer networking opportunities, reliable internet, and conducive work environments.

Co-working spaces in Greece

Internet and Technology

Internet connectivity and reliability across different regions:

While Athens and other major cities offer robust and high-speed internet connectivity, some remote islands or mountainous regions might have spottier coverage. On average, Greece's broadband speed is around 24 Mbps.

Availability of co-working spaces and their facilities:

Cities like Athens, Thessaloniki, and Heraklion in Crete have seen a surge in coworking spaces catering to both locals and international digital nomads. These spaces offer amenities like high-speed internet, conference rooms, and networking events.

Digital Nomad Facilities in Greece

Local Business Environment in Greece

Starting a Business

Procedures and requirements for starting a business:

Setting up a business in Greece has been streamlined in recent years, aiming to attract both local and foreign entrepreneurs. Initiating a business involves registering the company with the General Commercial Registry (GEMI), obtaining a tax identification number, and opening a bank account. Specific licenses may be required depending on the nature of the business.

Costs associated with starting a business, including taxes and fees:

While the cost varies based on the business type, generally, there's an initial registration fee, annual company tax, and VAT registrations. Greece has a corporate tax rate of 24% as of the latest data.

Costs for Starting a Business

Invest in Greece - Starting a Business Guide

Business Culture

Overview of business etiquette and cultural norms:

Business in Greece is grounded in personal relationships and trust. Face-to-face meetings are preferred over virtual interactions. Punctuality is valued, but negotiations can be lengthy, with a mix of formal discussions and socializing. Respect, especially towards senior figures, is crucial.

Language and communication style in a professional setting:

While Greek is the primary business language, English is widely spoken, especially among younger professionals and in sectors with international dealings. Communication tends to be direct, yet polite, with an emphasis on building rapport.

Supportive Information: Networking events and dinners play an essential role in Greek business culture, fostering a blend of professional and personal relationships.

Networking Opportunities

Availability of business networking events and groups:

Several chambers of commerce, industry associations, and networking groups operate in Greece. They frequently organize events, seminars, and mixers. International chambers, such as the American-Hellenic Chamber of Commerce, facilitate networking between local and foreign businesses.

Prominent industry conferences and trade shows:

Greece hosts several trade shows and conferences, especially in sectors like tourism, energy, shipping, and agriculture. The Thessaloniki International Fair is a prominent annual event attracting businesses from various sectors.

Thessaloniki International Fair

Legal and Regulatory Environment

Business Laws and Regulations

Overview of laws governing business operations:

Greece, being a member of the EU, aligns its business regulations with EU directives. Laws cover areas like company formation, labor relations, competition, and consumer protection. Regulatory authorities oversee the proper implementation of these laws.

Intellectual property rights and protections:

Greece has stringent intellectual property laws, safeguarding trademarks, patents, and copyrights. The Hellenic Copyright Organization (OPI) and the Industrial Property Organization (OBI) are the main bodies overseeing IP rights.

Hellenic Copyright Organization (OPI)

Employment Laws

Overview of labor laws, including contracts, wages, and working hours:

Greek labor law outlines the rights and obligations of employers and employees. A standard workweek is 40 hours, and overtime is subject to additional pay. The national minimum wage is revised periodically. All employees are entitled to annual leave, and there are provisions for maternity and sickness benefits.

Employee rights and employer obligations:

Employers are obligated to ensure workplace safety and provide necessary training. Employees have the right to join unions and engage in collective bargaining. Discrimination based on race, gender, or religion is prohibited.

Supportive Information: Greece has signed several international labor conventions, ensuring that its labor laws meet global standards.

Taxation

Overview of tax regulations for businesses:

Businesses in Greece are subject to corporate income tax, VAT, and other possible levies like real estate or special consumption taxes. Regular tax filing and audits ensure compliance.

Corporate tax rates and incentives for businesses:

The corporate tax rate stands at 24%. There are incentives for investments in sectors identified as growth drivers, such as R&D and tourism. These can come in the form of tax breaks or grants.

Greek Ministry of Finance - Tax Information

Transport and Infrastructure

Public Transportation

Overview of public transport availability and reliability:

Greece boasts a well-developed public transportation network, especially in urban regions. In cities like Athens, the Metro, buses, trams, and trolleybuses provide extensive coverage. The Athens Metro, in particular, is not only efficient but also offers glimpses of archaeological exhibits at some stations. Inter-city connections are maintained via a network of long-distance buses (KTEL) and a national railway system (OSE).

Costs associated with using public transportation:

Fares for urban transport modes like the Metro or buses are relatively affordable, with options ranging from single-ride tickets to multi-day passes. Inter-city transport, whether by bus or train, is priced based on the distance.

Approximate Transportation Costs in Athens

OASA - Athens Public Transport

Airports and International Travel

Major international airports and airlines operating in Greece:

Greece is well-connected internationally, mainly due to its status as a top tourist destination. The Eleftherios Venizelos Airport in Athens is the primary international gateway, serving numerous global carriers. Other significant airports include Thessaloniki, Heraklion (Crete), and Rhodes.

Connectivity with other countries and frequency of flights:

Given Greece's appeal as a tourist magnet, there are frequent flights to major European cities, North America, Asia, and Africa. During the tourist season, the frequency of flights to popular islands like Mykonos, Santorini, and Corfu increases substantially.

Supportive Information: Many international airlines increase their flights to Greece during summer, acknowledging the country's peak tourist season.

Road and Rail Infrastructure

Quality of roads and availability of rail networks:

Greece's road network is extensive, encompassing well-maintained highways and local roads. Major cities are connected via the national highway system. The rail network, managed by the Hellenic Railways Organization (OSE), offers passenger and freight services, although its reach is more limited than roadways.

Accessibility and connectivity between different regions:

While mainland Greece has robust connectivity, certain island regions might rely more on ferries or flights. The Rio-Antirrio bridge, one of the world's longest multi-span cable-stayed bridges, exemplifies the nation's infrastructural feats, connecting the Peloponnese with mainland Greece.

Hellenic Railways Organization (OSE)

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