THE VITAL ROLE OF SHIPPING

Shipping in Greece

Pillar for the country

Shipping is the most extroverted sector of the Greek economy, with a total economic impact that ranges between 7%-8% of the country’s Gross Domestic Product (GDP) each year. Inflows to the Greek economy have surpassed 150 billion euros during the past decade^[11].

A recent study^[12], found that Greek shipowners reinvest shipping capital in also other sectors, estimated at 1.4-1.5 billion U.S. dollars annually. In particular, an amount equivalent to 15% of the real estate transactions each year in Greece is attributed to shipowners, while significant investments are made in the top business groups in energy, hospitality, media and sports.

The sector’s role in employment is also very prominent, as around 10% of the total private payroll in Greece is related to shipping and it provides around 160,000 jobs (directly and indirectly). These are also jobs of high quality and well-paid, as it is estimated that the average wage in shipping companies is 3 times higher than the private sector wage average in the country.

Fueling growth and employment, shipping remains central to Greece’s economic prosperity.

[11] Bank of Greece, Services Balance
[12] McKinsey and Company, Greek shipping: Success factors and opportunities, July 2024