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Foreign Direct Investments

Net inflows of Foreign Direct Investment to Greece in 2022, according to the latest available data from the Bank of Greece, exceeded €7.2 billion (€7,221 million), compared to €5.3 billion (€5,350 million) in 2021.


The increase represents a 35% jump year-on-year, a 61% increase compared to pre-COVID 2019, and is the highest net FDI inflow since 2002.


The sharp increase in FDI reflects efforts in recent years to establish a business-friendly environment and a coordinated strategy for sustainable growth. The result is evident in the overall growth of the Greek economy and confidence among foreign investors in the future growth of Greece.

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

Picture FDI GR 21 22

Source: Bank of Greece, data processed by Enterprise Greece. 2021, 2022 provisional data

Countries of origin of investment funds

Investment activity in the country during the last decade mainly originated in Switzerland, Luxembourg and Cyprus, followed by Germany and the Netherlands. Also in the top 10 list of investing countries are China (including Hong Kong), which has significantly increased 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)

Picture FDI countries 12 22

Source: Bank of Greece, data processed by Enterprise Greece. 2021, 2022 provisional data

Main characteristics:

  • Foreign investment activity in Greece originates mainly from companies in major markets, such as the European Union. Among the top 10 countries with the highest value of net FDI inflows, six are EU member-states.
  • For the period 2012-2022, Greece attracted net FDI inflows of €29.5 billion from its top 10 originating countries, compared with a total of €35.5 billion from all countries (representing 83%).
  • The top 10 countries investing in Greece during the last decade also include the non-EU countries Switzerland, China (including Hong Kong), USA and Canada, all of which have significantly increased their investment presence in recent years.

Foreign Direct Investment by sector

Net FDI inflows to 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 profile.

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

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Source: Bank of Greece, data processed by Enterprise Greece. 2021, 2022 provisional data

Main characteristics:

  • FDI is mainly concentrated in services, especially financial and insurance activities, real estate management, and storage and transportation activities.
  • The percentage of FDI invested in the secondary sector is relatively low compared to its potential, which indicates significant investment opportunities. The same applies to the primary sector, which has seen very low FDI inflows relative to the competitive advantages of this sector in Greece. 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 €5.8 billion out of a total of €35.5 billion.

Manufacturing

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

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

Picture FDI μεταποίηση 03.22

Source: Bank of Greece, data processed by Enterprise Greece. 2021, 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 attract significant FDI inflows in manufacturing are “electronic products and computers” and “machinery”.
  • The concentration of business activity in the above sectors represents both the establishment of new companies (greenfield investment) in Greece, as well as investment cooperation between foreign and Greek companies for the manufacturing of products that meet the needs of both the domestic and international markets.

Services

The services sectors with significant investment interest during the period 2012-2022, representing 73% of the total, include “financial and insurance activities,” “real estate management” (especially in recent years), and “transportation and storage activities.”
It should be noted that the category "real estate activities" in the Bank of Greece data below, does not include the private purchase and sale of properties, which was a cumulative €4.5 billion in the period 2012-2022.

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

Picture FDI υπηερσίες 03.22

Source: Bank of Greece, data processed by Enterprise Greece. 2021, 2022 provisional data

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