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Human Capital

During the last three decades in Greece, demographic shifts, EU integration, and global trends have been reshaping the economic landscape so that Greece’s human resources are meeting the needs of today’s service and knowledge-based economy. There is a good supply of highly qualified labour in Greece. 

 

A Shift to Services

The economic focus of Greece has witnessed significant shifts so that as of the fourth quarter in 2010 roughly 68.5% of the workforce is involved in the service sector, 19.1% in industry, and 12.4% in agriculture. Contemporary trends have resulted in a vastly different workforce than that of 20 years ago, and training and education increasingly reflect the needs of today’s globalised economy.

Languages

The tourism sector, accounting for 15.2% of GDP (2009), has absorbed the largest increase in human resources. Many of the country’s post-secondary educational institutions offer specialised courses in tourism studies, with an emphasis on language training. As a result, Greece ranks favourably in the EU for its number of speakers of a second language. English is by far the most widely spoken second language in Greece.

English is the language of business on a daily basis, especially in international companies. Professionals in the workplace are well educated and the level of university degrees in management is by far the highest in Southeast Europe.

Intellectual Capital

Education has been long recognised as the most valuable asset a person can have to advance and Greeks are eager to invest in training their sons and daughters. In fact, Greece sends more students abroad to study, per capita, than any other country. Universities in the United Kingdom, Germany, Italy, France, and the United States boast large numbers of students from Greece, many of whom achieve high academic success.

There are roughly 172,000 students enrolled in post-secondary educational institutions in Greece. During the past five years the number of graduate students has increased significantly, reaching 51,873 enrolled in graduate programmes, and 21,404 enrolled in doctoral programmes in the academic year 2008/2009. Greek students have always shown a strong interest in medicine, the sciences, engineering and electronics. In recent years, technology and business administration have become more popular, as new programmes are offered and more opportunities exist to pursue studies outside Greece.

Greece’s “intellectual capital” will continue to be a strong national asset and investors who are seeking special skills will have a host of competitive advantages when choosing Greece as an investment location.

 

Representative Data

Number of employed by sector of economic activity

(000s and %), 2010 (4th quarter)

Primary sector

533

12,4%

Secondary sector

821,1

19,1%

Tertiary sector

2.944,8

 68,5%

Total

4.299

 100%

Source: Hellenic Statistical Authority, 2011

 

Number of employed by branch of economic activity

(000s), 2010 (4thquarter)

Agriculture, livestock, fishing

 533,8

Mining and quarrying

 14,4

Manufacturing

 448,8

Electricity, Gas, Water

 57,6

Construction

 298,6

Trade

 795

Restaurants, Hotels

 296,7

Transport and Communication

 293

Banking and finance

 113,9

Real Estate

 5,1

Public Administration

 369,9

Education

 313,1

Health and social welfare

 243,1

Other services

 516,4

Total

 4.299

Source: Hellenic Statistical Authority, 2011

 

Educational level of the Greek labour force

(000s and %), 2010 (4th quarter)

PhD and/or Master’s degree

 109,2

 2,54%

University degree

 777,7

 18,09%

Technical degree

 749,7

 17,44%

Secondary Education Certificate (Lyceum)

 1.388,2

 32,29%

Basic Education

 467,3

 10,87%

Lower Education

 806,9

 18,77%

Total

 4.299

 100%

Source: Hellenic Statistical Authority, 2011

 

Labour Productivity - Average hours worked per person in employment, 2009

Source: OECD, Productivity Database, 2011

 

Labour Productivity [annual growth rate, 2009(%)]

Source: OECD, Productivity Database, 2011

 

Percentage of the population aged 20 to 24 having completed
at least upper sector secondary education 2009

Source: Eurostat

Testimonials

I am sure that Greek Law Digest will be most welcomed and will prove to be a useful and valuable tool for investors.

Yannis Ragoussis
Alternate Minister of National Defense




Greek Law Digest will serve as a most useful guide both for our Embassy and for future investors from our country.

Lorenzo Amberg
Ambassador of Switzerland in Greece




Greek law Digest is an invaluable tool for foreign investments in Greece and will no doubt be greatly appreciated.

Leandros Rakintzis
General Inspector of Public Administration




This is a truly exemplary initiative of your publishing house. Congratulations are in order for both the prominent law professionals who undertook the writing of the various topics as well as for NOMIKI BIBLIOTHIKI which organized and managed the whole work.

George Stavropoulos
State Minister




This initiative of your publishing house is of special interest and value due to the comprehensiveness of the information contained in the Guide, since it refers to a variety of topics and therefore can constitute a useful information channel for those interested in doing business in Greece. It is a fact that easy access to information facilitates considerably potential investors and your Guide will serve as an invaluable tool to this direction.

Constantine A. Papadopoulos
General Secretary of
International Economic Relations and
Development Cooperation




One can easily acknowledge that the Greek Legal Digest is a valuable information tool for every potential investor and that it can dynamically support the vital national endeavour to attract foreign capital to Greece. It is for this reason that I have already informed my colleagues and competent officials about it, asking them to actively endorse such valuable guide.

Theodoros Pangalos
Deputy PM




In these very crucial days for Greece, I welcome this invaluable work, which surpass the limits of a reference and may very well serve as an excellent bridge to foreign investors. It is clear that this investment guide deserves the best possible support and promotion. Congratulations for the excellent initiative and for the effort made.

Dimitrios Bakatselos
Chairman of Thessaloniki
Chamber of Commerce & Industry




I congratulate you for the comprehensive presentation of the Greek legal framework supporting the endeavor to attract foreign investment. I am sure it will prove to be very useful for legal counsels of the General Secretariat of EU Funds and Infrastructure.

Vangelis Divaris
Special Secretary for
EU Funds and Infrastructure
Ministry for Rural
Development and Food.




This Guide will certainly have a useful place in our library.

Marc Van Den Reeck
Ambassador of Belgium


   

 

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