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Foreign Direct Investments

Greece presented an impressive increase of 48.2% in Foreign Direct Investments (FDI) in 2022 compared to 2021, while the increase reaches 76.8% compared to 2019 which was a pre Covid-19 year.

According to the latest available data from the Bank of Greece, (net) inflows of Foreign Direct Investment in Greece for the year 2022 exceeded 7.9 billion euros (7,928 million euros), compared to 5.3 billion (5,350 million euros) for the year 2021.

This represents a new record (the highest net FDI inflows since 2002), confirming the upward trend of the Greek economy as well as the successful effort made in recent years to attract foreign investments in Greece.

Net FDI inflows into Greece during the period 2012-2022 (in million euros)

ΞΑΕ καθ.εισροές

Source: Bank of Greece, 2022 provisional data

Countries of origin of investment funds

Investment activity in the country during the last decade has mainly originated from countries such as Cyprus, Luxembourg and Switzerland, followed by Germany and the Netherlands. The top 10 list of investing countries is filled out by China (including Hong Kong), which has significantly strengthened its position in recent years, France, USA, Canada and Italy.

Net FDI inflows by country of origin of funds during the period 2012-2022 (cumulative in million euros, top 10 countries)

FDI country

Source: Bank of Greece, data processed by Enterprise Greece. 2022 provisional data

Main characteristics:

  • Foreign investment activity in Greece originates mainly from companies in major markets, such as the EU. Among the top 10 countries with the highest value of net FDI inflows, 6 are EU countries.
  • For the period 2012-2022 Greece attracted net FDI inflows of 30.1 billion euros from the top 10 countries compared to 36.2 billion euros from all countries (a percentage of 83.1%).
  • The top 10 countries investing in Greece during the last decade also include non-EU countries, such as Switzerland, China (including Hong Kong), USA and Canada, all of whom have significantly increased their investment presence in recent years.

Allocation of Foreign Direct Investment by sector

Net FDI inflows in Greece are concentrated mainly in the tertiary sector in recent years, followed by the secondary sector by a significant margin. The majority of developed countries have a similar FDI structure.

Net FDI inflows by sector of economic activity during the period 2012-2022 (%)

FDI sector

Source: Bank of Greece, data processed by Enterprise Greece. 2022 provisional data

Main characteristics:

  • The concentration of FDI in services, especially financial and insurance activities, real estate management and storage and transportation activities.
  • The percentage of the secondary sector is relatively low compared to the country's potential, which indicates significant investment opportunities. The same applies to the primary sector, with very small FDI rates, in a country like Greece with competitive advantages for this sector. It is noted that for a period of 11 years, from 2012 to 2022, net FDI inflows in the primary and secondary sectors amounted to only 6.2 billion euros out of a total of 36.2 billion euros.

In particular:

Α. Manufacturing

The manufacturing sectors with the most significant investment interest during the period 2012-2022 were “food, beverages, tobacco” and “pharmaceuticals”, and to a lesser extent “coke and refined petroleum products” “electronic products and computers” and “chemicals”.

Net FDI inflows in manufacturing by sector during the period 2012-2022 (%)

Str. NET FDI manufacturing

Source: Bank of Greece, data processed by Enterprise Greece. 2022 provisional data

Main characteristics:

  • The manufacturing sectors with the most significant investment interest during the period 2012-2022 are “food, beverages, tobacco” and “pharmaceuticals”. Other industries that gather significant FDI inflows in manufacturing are “coke and refined petroleum products”, “electronic products and computers” and “chemicals”.
  • The concentration of business activity in the above sectors favors both the establishment of new companies (Greenfield investments) in Greece, as well as the investment cooperation of foreign with Greek companies for the manufacturing of products that meet the needs of the internal and also the international market.

Β. Services

The services sectors with significant investment interest during the period 2012-2022, representing 72% of the total, include “financial and insurance activities”, “real estate management” (especially in recent years), and “transportation and storage activities”.

It is worth noting that the "real estate activities" category does not include in the figure below (according to the Bank of Greece's categorization) the private purchases and sales of properties, which cumulatively reached 4.5 billion euros in the period 2012-2022.

Net FDI inflows in services by sector during the period 2012-2022 (%)

Str. NET FDI services

Source: Bank of Greece, data processed by Enterprise Greece. 2022 provisional data

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