Greece Capital Athens Currency Euro (EUR) Language Greek Population 11.01 million EU status member GDP 2006 $222.5 billion Employment 90.8% Exports $24.42 billion f.o.b. (2006 est.) Imports $59.12 billion f.o.b. (2006 est.)

setting up business Number of days to start business 38 Cost (% of income per capita) 24.3% Nonwage labor cost (% of salary) 31.2% Total tax rate (% profits) 60%

Greece

A strong economy at the hub of southern Europe, with an international outlook, and an infrastructure that has recently undergone massive investment, Greece has attracted major foreign investments in a wide range of sectors, and is now looking to boost investment further.

Research and development is fast becoming a leading source of economic activity and research centers in a variety of areas, including renewable energy sources, biotechnology, marine technology, metals and mining, ceramics, and fisheries. These are expected to play an increasingly important role in driving the economy forward. The business services sector is flourishing, and banking and insurance in particular have undergone significant deregulation and consolidation, resulting in a highly competitive environment. The energy, construction, and telecommunication sectors have also been through significant reforms and have been among the best performers in the Greek economy. Tourism remains a top earner for the country and accounts for about 10% of GDP.

Macroeconomic indicators

The telecommunications industry has been reformed and modernised

In 2006, Greece displayed a rate of growth of some 4.1%, clearly showing that the economy has continued to prosper well after the boost that it gained from massive investment leading up to the Olympic Games in 2004. It is well above the average 2.7% growth for the Eurozone, and is predicted to continue rising into 2009, according to figures from the Ministry of Economy and Finance. Productivity is expected to rise at a rate of some 2% per annum over the same period, and both imports and exports are expected to rise by between 6% and 7% per annum over this period.

A Business Hub

Greece serves as the business hub for some of the world’s largest multinationals. AIG Group, the Coca-Cola Co., Diageo, Ernst & Young, Kodak, Siemens, Toyota, and UPS have selected Greece as their regional headquarters, for central and eastern Europe, the Mediterranean, or the Middle East. The US is the largest foreign investor in Greece, responsible for some 23% of projects of the last five years. Other major investors include the UK, Germany and Cyprus.

Greek foreign direct investment contributes to the development and the stabilization of southeast Europe, with a dynamic network of Greek companies that do business in the Balkans and the eastern Mediterranean. In less than 10 years, Greek investment in southeast Europe has exceeded €8 billion. Greece is the leading foreign investor in Albania, Bulgaria, and FYROM and ranks among the three leading foreign investors in Romania.

business-friendly ENVIRONMENT

• Having implemented a flat-rate corporate tax of 25%, the government is now looking to introduce similar measures on personal income tax.
• The Law for Private Investment Incentives for Economic Development and Regional Convergence, funds up to 55% of investments made by older or newly established companies.
• Since 2005, companies have been able to enter into private-public partnerships, opening up possibilities for involvement in state-driven projects and the public sector.
• Special incentives are in place for investment in particular regions.
• Labor costs are among the lowest in the EU and the country has an abundant pool of skilled workers.

AMCHAm greece

The American-Hellenic Chamber of Commerce is one of the largest and most active American chambers in Europe. Virtually all American companies that do business in Greece are members of our Chamber as are most Greek companies that engage in trade with the United States. The Chamber aims to:

• Promote the harmonious development in Greek-American relations in the economic and business field.
• Aid the increase in trade and development between the two countries.
• Acquaint and inform the American business community in Greece with the economic environment and business practices of the host country.
• Assist Greek businesspeople who wish to create business partnerships with American companies.
• Represent the American business community vis-a-vis government departments and agencies.
• Aid and assist importers and investors in their respective countries.
• Provide a forum for an exchange of views on matters of mutual business and commercial interest.

 

Contact Information

American Hellenic Chamber of Commerce
Politia Business Center
109-111 Messoghion Avenue
11526 Athens
Greece
Tel: +30 210 699 3559
E-mail: a.lamnidis@amcham.gr
Website:www.amcham.gr

 

Useful websites

www.amcham.gr	American Chamber of Commerce
www.invgr.com	Invest in Greece
www.elke.gr	Official site for FDI in Greece
www.greekembassy.org	US Embassy
www.seve.gr	Exporters Association of Northern Greece
www.statistics.gr	National Statistics site
www.hba.gr	Hellenic Banking Association

 

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