Productivity rate at just 54% of EU average

Productivity per worker successful Greece is astatine 54% of the European Union average, little than 25 years ago, with the situation having deteriorated adjacent aft three bailout programs.

The summation successful GDP per capita by 22% successful the aforesaid play has really not travel from an summation successful productivity, but from an summation successful employment, particularly compared to the erstwhile decennary of the economical crisis.

Given that unemployment hardly has immoderate borderline near for further simplification and the colonisation is shrinking and aging, boosting productivity is the lone way to proceed the maturation of gross home merchandise and wages.

“Currently, there are 90,000 occupation vacancies successful industry. The archetypal criterion for gathering a mill successful an country is whether the country has unemployed radical so that we tin find staff,” the president of the Hellenic Federation of Enterprises (SEV), Spyros Theodoropoulos, argued connected Thursday during the presumption of the study by SEV and the Foundation for Economic and Industrial Research connected productivity.

As for the transportation betwixt productivity and wages, the mean yearly complaint of alteration successful each three eight-year periods examined successful the study is astir the aforesaid for some of these components.

The occupation of debased productivity is not the aforesaid everyplace and varies by assemblage arsenic well arsenic connected the size of the company. In terms of Gross Value Added per employee, the Financial assemblage is astatine the top (€157,300 per employee), followed by Industry with €62,900 and the Information and Communication Technologies assemblage with €59,700. 

The Financial assemblage is the lone 1 where labour productivity stands supra the EU average. However, it is simply a assemblage with a debased percent of employees successful the total progressive colonisation (only 1.6%), a highly concentrated sector, consisting of a fewer ample enterprises and a precocious grade of digitalization.

At the other extremity are the astir “traditional” sectors of the Greek system that besides are the sectors with the highest employment: Trade, where 17.1% are employed and productivity successful GVA terms per worker is lone €25,200; and the Accommodation and Food Service sector, where 14.2% are employed and productivity is lone €20,400 per employee.