Investment by sector in Greece, 2019–2023
Sector | 2019 | 2023 | Change in value | Change (%) |
|---|
Agriculture, forestry and fishing | 2,250.5 | 2,914.3 | +663.8 | +29.5% |
Industry, energy and mining | 3,863.4 | 6,526.9 | +2,663.5 | +68.9% |
Construction | 172.0 | 749.8 | +577.9 | +336.1% |
Trade, transport, tourism and food services | 3,907.3 | 5,449.2 | +1,541.9 | +39.5% |
Information and communication | 1,304.2 | 2,293.5 | +989.2 | +75.8% |
Financial and insurance activities | 933.1 | 757.0 | −176.1 | −18.9% |
Real estate activities | 1,942.8 | 6,014.8 | +4,072.0 | +209.6% |
Professional and administrative services | 1,315.1 | 2,210.7 | +895.5 | +68.1% |
Public administration, education and health | 4,322.7 | 8,337.9 | +4,015.2 | +92.9% |
Arts, entertainment and other services | 304.0 | 435.6 | +131.6 | +43.3% |
Total | 20,315.2 | 35,689.7 | +15,374.5 | +75.7% |
Figures in €m, current prices - Source: ELSTAT
However, a sector-by-sector analysis shows that the recovery is not evenly distributed. Behind the substantial overall increase are sharp differences between sectors: some have accounted for most of the additional investment, others have recorded significantly slower growth, and one has even seen a decline.
According to ELSTAT data, gross fixed capital formation rose from €20.32bn in 2019 to €35.69bn in 2023, an increase of €15.37bn. But a breakdown by sector reveals that the investment recovery has been marked by significant concentration, rather than balanced growth across the economy.
The most striking finding is that just two of the 10 main sectors accounted for 52.6% of the total increase in investment between 2019 and 2023.
Investment in real estate activities rose by €4.07bn, from €1.94bn in 2019 to €6.01bn in 2023, a striking increase of 209.6%. This was the sector with the largest absolute increase in investment, highlighting the particularly strong momentum in the property market.
Similarly, in the broader sector encompassing public administration, education and health, investment increased by €4.02bn, from €4.32bn to €8.34bn, a rise of 92.9%.
Together, these two sectors accounted for about €8.09bn of the €15.37bn total increase.
The concentration is even more apparent when industry, energy and mining are included, where investment rose by €2.66bn. These three sectors accounted for about 70% of the total increase, leaving the remaining 30% to be shared among the other seven sectors.
The uneven picture becomes clearer still when percentage changes are considered.
In construction, investment rose by 336.1%, but from a particularly low base, increasing from €172m to about €750m. So despite the striking percentage change, the sector’s contribution to the overall increase was relatively limited.
By contrast, real estate activities recorded a 209.6% increase, combining a high growth rate with a large absolute rise in investment.
In industry, energy and mining, investment grew by 68.9%, while in information and communication it rose by 75.8%.
Growth was slower still in sectors with a significant presence in the Greek economy. Investment in trade, transport, tourism and food services increased by 39.5%, while in agriculture, forestry and fishing it rose by just 29.5%.
The latter figure is particularly telling of the uneven distribution of the investment recovery, as the primary sector recorded growth well below the economy-wide average.
At the other end of the scale, financial and insurance activities were the only sector to record a decline, with investment falling by 18.9%.
SOURCE: ANA-MPA