🇬🇷map Greece [Economy]

Economic Overview

Greece is a developed, eurozone economy that has spent the last decade rebuilding from its debt crisis and then bouncing back from the pandemic shock. The country’s growth has been steady in recent years, helped by tourism, shipping, and a revival in investment. Inflation has cooled from its recent peaks, and business sentiment has improved as reforms modernize public services and digitalize bureaucracy. While public debt remains high and demographics are challenging, Greece’s overall trajectory feels more stable and predictable than it did a few years ago.

For travelers and expats, this means a relatively safe currency environment (the euro), a familiar EU regulatory framework, and a services-driven market that values seasonal and flexible talent. Global trends in energy prices and travel demand still ripple through the economy, especially in summer months. Structural reforms continue to target competitiveness and digital readiness, which benefits remote workers and small enterprises. The practical takeaway: the economy is open for business, with fewer obstacles than before and clearer rules of the road.

Major Industries

Services dominate Greece, led by tourism and shipping. Tourism has a large footprint across the islands and city hubs like Athens and Thessaloniki, feeding hospitality, transport, food services, retail, and cultural events. Greece is also a maritime powerhouse, with Greek shipowners playing an outsize role in global shipping and related services. Manufacturing is smaller but focused—think refined petroleum products, aluminum, pharmaceuticals, food processing, and building materials.

Agriculture still matters in certain regions, with olives, olive oil, wine, fruit, and fish farming contributing to exports and local identity. Energy is in transition: renewables—especially wind and solar—are expanding, while legacy lignite is being phased down. Technology and creative industries are growing in urban centers, supported by better connectivity and a rising number of coworking spaces. If you work in digital services, media, or software, you’ll find a small but lively ecosystem with English widely used in professional settings.

Employment Landscape

Job opportunities cluster in hospitality, tourism operations, logistics, retail, construction, and shared services. In the tech sphere, roles in software development, product design, digital marketing, and data work appear regularly in the bigger cities. Unemployment has declined from crisis-era highs but is still above the EU average, and youth unemployment remains a concern. Seasonal hiring is common, so timing your arrival with peak demand can help.

Workplace culture blends Mediterranean relationship-building with increasing structure and professionalism. English is often sufficient in international firms, but learning basic Greek helps greatly with service roles and everyday life. Expect a mix of traditional hierarchies and modern practices, with progress on flexible work arrangements since the pandemic. For skilled expats, short-term contracts, project-based work, and hybrid setups are increasingly normal.

Business Environment

Greece has made noticeable strides in cutting red tape, with many processes now handled through the gov.gr digital portal. That said, paperwork and timing can still require patience, and having a local accountant or lawyer is worth the cost. Company registration is more streamlined than it used to be, and entrepreneurs will find clearer guidance than a few years ago. EU norms apply across data protection, consumer rights, and employment.

Corporate taxation is competitive by regional standards, and the VAT system is well established. Incentives exist for certain sectors and regions, particularly in technology, energy, and manufacturing upgrades. The overall message: it’s easier to operate than it once was, but local know-how remains invaluable. As always, confirm the latest rules and deadlines before you commit to a structure.

Startup Ecosystem

Athens anchors the startup scene, with Thessaloniki and a few university cities adding energy and talent. A growing network of incubators, accelerators, and coworking spaces supports early-stage teams, and EU-backed financing initiatives have helped seed venture activity. You’ll find communities around fintech, travel tech, logistics, agri-food, and clean energy, with a steady stream of meetups and hackathons.

Funding is still maturing, so founders often combine local capital with European grants and international investors. Government platforms and registries have made it easier to engage with the ecosystem and access incentives. Success stories are modest but real, and exits—while less frequent than in larger markets—are becoming more common. For digital nomads and solo founders, Greece offers a comfortable base with a collaborative, welcoming vibe.

Investment Opportunities

Foreign investors look at Greece for tourism assets, logistics, renewable energy, and selective real estate. Property investment is active in Athens neighborhoods, coastal areas, and well-connected islands, though pricing varies widely by location and season. Residency-by-investment options have existed for years, with thresholds and rules that have evolved—always check the current requirements before planning. On the public markets, the Athens Stock Exchange provides access to Greek equities and ETFs, though liquidity can be thinner than in larger European hubs.

Incentives and EU funds support projects in green energy, infrastructure, and digitalization. There are barriers—permitting can take time, and local consultation is essential—but the direction is favorable. For individuals, mortgages and financing are possible but require documentation and patience. Overall, Greece is opportunity-rich for those who plan carefully and partner locally.

Trade and Global Connections

Greece’s trade is tightly linked to the EU, with strong ties to Germany, Italy, Cyprus, and the Balkans. Exports include refined petroleum products, aluminum, pharmaceuticals, food and beverages, and shipping-related services. Imports reflect energy needs, machinery, vehicles, and consumer goods. Greece’s ports—especially Piraeus—play a rising role in regional logistics.

Using the euro simplifies currency planning and hedging for many travelers and businesses. Card payments are widely accepted, with contactless the norm in cities and tourist centers. For supply chains, Greece sits at the crossroads of Europe, the Middle East, and North Africa, which creates opportunities in warehousing, last-mile logistics, and e-commerce fulfillment. Connectivity by air and sea supports flexible travel and distribution.

Natural Resources

Greece’s traditional resources include bauxite (for aluminum), marble, and historically lignite for power. The energy mix is shifting toward solar and wind, with new projects across the mainland and some islands. Interest in offshore wind and interconnectors is growing, aligning with EU climate goals. Environmental regulation is tightening, and sustainability is increasingly a selling point for hotels, food producers, and tour operators.

Agriculture remains a cultural and export pillar: olives and olive oil, wine, citrus, peaches, and aquaculture all matter. Farm-to-table experiences and PDO/PGI products are common, which can be useful for boutique import/export businesses. Water management and wildfire risk are real considerations for long-term planners. For investors and founders, aligning with green priorities improves both impact and market acceptance.

Financial Infrastructure

As a eurozone country, Greece offers familiar banking standards, SEPA transfers, and strong consumer protections. The banking sector has been restructured and is more stable than in the past, with modern mobile apps and card services. Digital payments are mainstream, though cash is still used in small towns and at local markets. ATMs are easy to find in cities and tourist zones.

Credit for SMEs is available but conservative, so many new ventures combine bank products with EU programs or private capital. Foreign currency services are straightforward, though most daily life happens in euros. The Athens Stock Exchange is accessible through international brokers, and regulation aligns with EU norms. For expats, opening accounts is feasible with the right documentation; a local advisor can save time.

Economic Opportunities for Expats

Remote work is very feasible in Greece, especially in Athens, Thessaloniki, and larger islands with strong connectivity. Coworking spaces, serviced apartments, and long-stay options make it easy to settle in for a season or a year. Freelancers in design, marketing, software, and content find a supportive community and reasonable operating costs compared with many Western European capitals. There are visa pathways tailored to remote professionals; verify current criteria and processing times before relocating.

Taxes and social insurance are meaningful planning items, and professional advice pays off—especially if you invoice internationally or split time across countries. Cost of living varies widely by neighborhood and island, with big savings possible outside the most famous hotspots. If you’re building a business, watch for sector incentives and regional grants connected to digitalization or sustainability. With planning, Greece can offer a balanced lifestyle, competitive costs, and access to the wider EU market.

Franz
Franz is a German technical writer and business consultant from Munich, with over 15 years of experience in international corporate relocations and German business culture. Having worked for major German multinational corporations including BMW and Siemens, Franz has extensive experience facilitating the relocation of international talent to Germany and helping German professionals navigate complex assignments abroad.