The participation of manufacturing in gross value added increased from 7.8% in 2019 to 9.1% in 2024. Manufacturing is emerging as a central driver of growth for the Greek economyaccording to the chairman of its Board of Directors National Bank Gikas Hardouvelis, who underlined that the sector can accelerate the convergence of the country with the European average.
Speaking at a conference co-organized by the “Hellenic Production – Council of Industries for Development”, IOBE and the Educational Foundation of the National Bank, Mr. Gikas Hardouvelis emphasized that the redistribution of resources towards manufacturing brings multiplier benefits: it protects the economy, stabilizes growth rates and creates deeper connections with other sectors.
In the same context, he cited data on the upward trend of the sector in recent years. The participation of manufacturing in gross value added increased from 7.8% in 2019 to 9.1% in 2024, while in employment the share reached 8% (about 420,000 workers) from 7.6% in 2019 (about 360,000). Despite the progress, he pointed out that Greece still lags behind the European average and “we have a way to go”.
Referring to the international environment, he noted that the Greek economy is more resilient to the shocks caused by the new round of tariffs in trade relations with the US, as it is better protected than other European economies, among other things due to its more powerful and competitive banking system.
The strategic importance of manufacturing was also highlighted by the governor of the Bank of Greece, Yannis Stournaras, who described the sector as a “lever” for a more sustainable and outward-looking production model, with an upgrade of productivity and added value.
In any case, the message from the event was clear: strengthening the manufacturing base, combined with a stable policy and financing framework, can act as a real “vehicle” for growth and convergence for the economy.