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, capable of effectively supporting any investment project.

A shift to services
The economic focus of Greece has shifted significantly so that as of the fourth quarter in 2014 roughly 71.5% of the workforce is involved in the service sector, 14.9% in the secondary sector, and 13.6% in agriculture. Contemporary trends have resulted in a vastly different workforce than 20 years ago, and training and education increasingly reflect the needs of today's globalised economy.  

Languages
The tourism sector, accounting for 16.3% of GDP (2013), 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 often the language of business used on a daily basis, especially in multinational companies.  

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 children. In fact, Greece sends more students abroad to study, per capita, than most countries. Universities in the United Kingdom, Germany, Netherlands, Italy, France, and the United States boast large numbers of students from Greece, many of whom achieve high academic success.

There are roughly 180,000 students enrolled in post-secondary educational institutions in Greece. During recent years the number of graduate students has increased significantly, reaching 37,014 enrolled in graduate programmes, and 23,066 enrolled in doctoral programmes in the academic year 2013/2014. Greek students have always shown a strong interest in medicine, the sciences, new technologies, economics and law studies, especially in recent years, 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 %), 2014 (4th quarter)

Primary sector

480,4

13.6%

Secondary sector

526,8

14,9%

Tertiary sector

2.528,1

71,5%

Total

3. 535,3

100%

Source:  Hellenic Statistical Authority, 2015

Number of employed by branch of economic activity 
(000s), 2014 (4th quarter)

 Agriculture, livestock, fishing

 480,4

 Mining and quarrying

 11,8

  Manufacturing

317,8

 Electricity, Gas, Water

45,4

  Construction

151,8

 Trade  

626,5

Restaurants, Hotels

300,8

 Transport and Communication

246,8

 Banking and Finance

84,2

 Real Estate  

5,1

 Public Administration

296,8

  Education

295,2

  Health and Social Welfare

211,6

 Other services

461,3

 Total  

3.535,3

Source:  Hellenic Statistical Authority, 2015 

Educational level of the Greek labour force 
(000s and %), 2014 (4th quarter)

 PhD and/or Master’s degree

 174,4

3,7%

 University degree

862,8

 18%

 Technical degree

921,9

 19,3%

 Secondary Education Certificate (Lyceum)

 1.660,0

 34.7%

 Basic Education

495,3

 10.4%

 Lower Education 

666,8

 13,9%

 Total 

 4.781,1 

 100%

Source:  Hellenic Statistical Authority, 2015



Labour Productivity - Average hours worked per person in employment, 2012

Source: OECD, Productivity Database, 2015


Labour productivity: Per employee in selected countries for the year 2013 (Index, EU-28 Average = 100)



Source: EUROSTAT, Database, 2015