A new report from HEMEXPO, the leading Greek marine equipment manufacturers and exporters association for the international shipping industry, has highlighted the association’s significant contribution to the Greek economy during 2021-2022.
The third study of its kind, conducted by the Foundation for Economic and Industrial Research (IOBE) and presented by its General Director, Professor Nikos Vettas, provides an updated assessment of the importance of Greek marine manufacturing companies to the country’s economy. The report explores HEMEXPO’s substantial economic contribution, illustrating an impressive growth trajectory over the last decade for HEMEXPO member companies. It also highlights the challenges faced during this time and offers several policy recommendations that could support the sector’s continued development.
Ms. Eleni Polychronopoulou, President of HEMEXPO said, “The sector’s remarkable contribution to the Greek economy results from the outstanding achievements of HEMEXPO’s member companies. Success has not been without its challenges though, and we have had to adapt to factors out with our control which has required a tremendous amount of resilience. However, between 2014 and 2022, the companies more than tripled their total turnover, reaching €677 million, showcasing significant growth over this period.
“Going forward, HEMEXPO will continue to support its member companies in reaching their full potential by addressing challenges head-on as we aim to secure a more sustainable and competitive future.”
In 2022, HEMEXPO's total contribution to the Greek economy reached €2 billion, nearing 1% of the country's GDP. Additionally, the activities of HEMEXPO's companies and their suppliers generated fiscal revenues of €312 million, underlining the Hellenic marine equipment sector's undeniable importance to the country.
The study also shows HEMEXPO member companies currently employ over 2,900 people, with the total employment impact reaching 13,400 positions as each job supports a total of 4.4 jobs in the Greek economy.
Challenges referenced included access to foreign markets – particularly in Asia - obtaining necessary certifications and adapting to increasingly strict international environmental regulations.
Marine equipment manufacturing: Trends, prospects, and contribution to the Greek economy is available to read in full, and can be accessed here.
