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Business climate in Europe. Greece

The business climate of the European Union is one of the most attractive worldwide. The EU is interested in opening of new businesses and as a consequence in creating new jobs, along with social welfare in its member states.

Greece is a developed country with an open economy, which is much dependent on the service sector (85%), as well as the industrial sector (12%) and the agricultural sector (3%). Despite of being one of the biggest producers of agricultural and fishing products in the EU, Greece’s economy is mainly based on tourism. According to the UN World Tourism Organization, Greece ranks 7th in Europe and 16th worldwide in respect of tourist traffic.

After the crisis 0f 2015 the country lost the trust of its investors, yet as of know the economy of the country is getting back on its feet.

Starting a business in Greece can be accompanied with certain challenges. For instance, in 2020 a survey was run in about 190 countries in respect of the ease of doing business. As a result, in the 2020 World Bank Ease of Doing Business Survey, Greece did pretty well and ranked as follows:

  • 79th in the general rating;
  • 11th in starting a business;
  • 34th in trading across borders;
  • 156th in ease of registering property; and
  • 146th in enforcing contracts.

At the same time Greece is considered to be open for expats as a country that is interested in creating new jobs. Athens was named the European Capital of Innovation in 2018 for being open to investment and new technologies. Also, compared to the rest of the EU countries, life in Greece is much cheaper. At the same time, the remuneration of labor is also much lower, which definitely helps cut down costs on the remuneration of employees.