Regarding the “most significant structural change taking place in the Greek economy in recent years,” writes Minister of State Akis Skertsos in a post, referring to the ongoing strengthening of the Greek industry.
“Is the production model of the Greek economy changing? Indeed, it is,” is his opening statement, and he continues:
“Lately, we’ve been hearing and reading criticism that Greece missed the opportunity provided by the recovery fund to transform our production model and that we remain almost exclusively an economy based on tourismand services. According to this analysis, industrial production and manufacturing are economically negligible sectors, having shown no substantial progress in recent years.
And yet, data from ELSTAT and Eurostat paint a completely different picture,” counters the Minister of State, who adds: “The industry not only exists, but is constantly growing.
The gross value added of industrial production (which includes manufacturing, energy, mining, water, and waste) increased by 11.5% between 2019 and 2024 and now accounts for 15.5% of GDP, the highest percentage in recent decades.
The trend of industry as a percentage of GDP is indicative:
2000: 14.5% of GDP
2010: 12.6% GDP
2019: 13.9% of GDP
2024: 15.5% of GDP
In other words, the debt crisis caught the industry at its lowest point, but over the past six years the trend has completely reversed. Today, the industry’s contribution to GDP is even greater than it was in the early 2000s.”
And, furthermore, “even more revealing are the absolute figures.
The gross value added of industrial production exceeded 32 billion euros, while record revenuesfrom tourism in 2025 stood at 23.6 billion euros. This comparison debunks the myth that the Greek economy relies exclusively on tourism. These are, of course, different economic indicators, but the comparison shows the true extent of the industry’s contribution to the Greek economy.
Furthermore, this progress is also clearly reflected in European comparisons.
In manufacturing, Greece recorded one of the best performances in the entire European Union during the 2019–2025 period:
*2nd in the EU in terms of employment growth in manufacturing, with a 19% increase, while the EU average is declining by -2%.
*3rd in the EU in growth of gross value added in manufacturing, with a 44% increase, compared to just 7% in the European Union.
*5th in the EU in terms of growth in industrial production, with a 25% increase, while the EU average is just 3%.
These results are not limited to a single sector but span a wide range of productive activities:
*Electronics and computers: +124%
*Other transportation equipment: +109%
*Tobacco industry: +95%
*Automotive parts: +85%
*Pharmaceutical products: +74%
*Electrical equipment: +46%
*Food: +21%
*Chemicals: +16%
“The significance of these figures is that, along with the increase in production, there is a simultaneous rise in jobs, productivity, and the added value that remains within the Greek economy.”
As he goes on to clarify, “Of course, no one is claiming that Greece has become an industrial powerhouse in Europe. We still have a long way to go, particularly in increasing the technological value of our products, their innovation, and their international recognition and competitiveness. However, the data show that the country is not on a path of deindustrialization, but rather on a path of productive restructuring.
When Greece ranks 2nd in Europe in terms of growth in industrial employment, third in value-added growth, and fifth in production growth—when industry is increasing its share of GDP and generating over 32 billion euros in value-added— then the debate must stop relying on stereotypes.
Significant reforms of the recovery fund, such as the simplification of the permitting process for the installation of renewable energy sources, have contributed to a threefold increase in installed renewable energy capacity in our country and to an increase in the share of energy in our GDP.
The Greek economy, therefore, is not just about tourism. And it should not rely solely on a single sector of the economy, because our resilience depends to a large extent on our productive capacity and the diversification of economic activities,” notes A. Skertsos.
And his post concludes as follows:
“Greece remains, of course, a service-based economy. However, today it has a stronger industrial sector, more manufacturing, twice as many exports as in 2010, and a larger production base.
This transition is not yet complete. However, it is already measurable in the data from ELSTAT and Eurostat. And this is perhaps the most significant structural change that has taken place in the Greek economy in recent years.”
