Doing business in Greece

In 2012, the economy of Greece ranked 42nd largest in the world, according to World Bank statistics. As of 2013, Greece is the 13th largest economy in the 28-member European Union.
In terms of per capita income, Greece is ranked 37th or 40th in the world at $22,083 and $25,331 for nominal GDP and purchasing power parity, respectively.
A developed country, the economy of Greece is based on the service sector (80.6 percent), mainly tourism and shipping, and industry (16 percent), while agriculture made up an estimated 3.4 percent of the national economic output in 2012.
With 17.5 million international tourist arrivals in 2013, Greece was the seventh most visited country in the European Union and 16th in the world.
With an economy larger than all the Balkan economies combined, Greece is an important regional investor: Number-two foreign investor of capital in Albania, number-three foreign investor in Bulgaria, and among the top- three foreign investors in Romania and Serbia and the most important trading partner and largest foreign investor of the Former Yugoslav Republic of Macedonia.
The country is also a significant agricultural producer within the EU.
Greece is the European Union’s largest producer of cotton and pistachios, ranks second in the production of rice and olives, and third in the production of figs, almonds, tomatoes and watermelons.
Greece is also the world’s third largest producer of edible olives and olive oil, with a 16 percent share of the global olive oil market.
Greece produces agricultural products of high-quality and unique taste. Between 2000 and 2007 organic farming in Greece increased by 885 percent, the highest change percentage in the EU. Numerous Greek products have received PDO and PGI status, showcasing the quality and diversity of Greek farming.
Greece produces around 150,000 tons of fish and seafood every year, most of which is caught in the Aegean Sea.
Fish is the second largest food export after olive oil, with 85 percent of total production exported. Greece’s commercial aquaculture sector is equally dynamic, ranking first among European Union and Mediterranean countries. Sardines, anchovies, sea bream, sea bass and Mediterranean mussels are trademark products of Greek waters.
Along with agricultural products, pharmaceuticals, minerals, furs and petrochemicals top the list of Greek exports. Greece is also ranked third in the European Union in the production of marble after Italy and Spain.
In 2012, the value of Greek exports totalled €27.6 billion, accounting for 14.2 percent of Greece’s GDP, while, despite the crisis, there was a significant increase in volume.
Exports to the European Union (EU) reached 44 percent in 2012, highlighting the importance of the EU market for Greek trade. From food and beverages and beauty products to agriculture, doing business in Greece is filled with endless opportunity.
Greece is home to around 60 percent of Europe’s vertebrate fauna and, thus, Europe’s most biodiverse country in endemic herbs and medicinal plants.
It is also home to more than 6,000 plant species, of which 750 can only be found on Greek land, and figures among the world’s top 10 countries in sea biodiversity.
Greek natural cosmetics brands are conquering European and international mainstream markets by taking advantage of the Greek land’s treasures.
When it comes to skincare, there is so much to discover in the Greek market; most companies incorporate natural, local ingredients into high-tech products.
Innovation and entrepreneurship are key words for Greece to boost its growth and employment. Thanks to some great minds and ideas, Greece boasts admirable potential in innovation.