Currently, the most developed sectors of the Greek economy are maritime industry, tourism, real estate, and foreign investments in Greece.
Greek-owned ships represent almost 21% of the global tonnage. The Greek merchant fleet is the biggest in the world, with 4.936 vessels (ships over 1.000 gt) of 389.69 million deadweight tons (dwt), which constitutes an increase of approximately 6.63% from the previous year. In addition, Greek shipowners have more than doubled the carrying capacity of their fleet between 2007 and 2018.
It should also be mentioned that the Greek-owned fleet represents 53% of the European Union (EU) fleet in dwt and 20.9% of the world fleet in dwt. Moreover, Greek shipowners control 31.99% of the world’s crude oil tankers fleet, 23.12% of the world’s dry bulk carrier fleet, and 15.17% of the world’s chemicals and petroleum products tankers fleet.
Tourism produces more than 20% of GDP annually. In 2019, for example, travel receipts increased by 13.6% on an annual basis, driven by a rise in revenues from both EU and non-EU residents. A marked rise was also recorded both in the number of inbound visitors and travel receipts from the United Kingdom, France, and the US. In contrast, tourist arrivals and revenues from Germany and Russia have declined.
Real estate and foreign investments in Greece
According to the most recent data released by the Bank of Greece, the (net) inflows of Foreign Direct Investment in Greece for 2019 amounted to €4.137 million, compared to 3.364 million in 2018, presenting an increase of 23.0%. There are several factors that have contributed to this growth. Undeniably, one of them is the “Golden Visa” program, which allows granting of residence permits to third-country nationals, who purchase real estate property in Greece, the value of which exceeds €250.000.