Human Capital

Human Capital

During the last 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 labor 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 of 2018 roughly 72.5% of the workforce is involved in the services sector, 15.3% in the secondary sector, and 12.2% in the primary sector. Contemporary trends have resulted in a vastly different workforce than 30 years ago, and training and education increasingly reflect the needs of today's globalized economy.  

Languages

The tourism sector, accounting for 20.6% of GDP (2018), according to the World Travel and Tourism Council (WTTC), has absorbed the largest increase in human resources. Many of the country's post-secondary educational institutions offer specialized courses in tourism studies, with an emphasis on language training. As a result, Greece ranks favorably 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 recognized 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, the Netherlands, Italy, France, and the United States boast large numbers of students from Greece, many of whom achieve high academic success.

There are roughly 409,413 students enrolled in post-secondary educational institutions in Greece for the academic year 2016/2017, including the Hellenic Open University. During recent years the number of graduate students has increased significantly, reaching 66,295 enrolled in graduate programs, and 28,682 enrolled in doctoral programs in the academic year 2016/2017. Greek students have always shown a strong interest in medicine, the sciences, new technologies, economics and law studies, especially in recent years, as new programs 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 %), 2018 (4th quarter)

Primary sector

467.6

12.2%

Secondary sector

585.0

15.3%

Tertiary sector

2,781.2

72.5%

Total

3,833.8

100%

Source:  Hellenic Statistical Authority, 2019, data processed by Enterprise Greece

 

  

Number of employed by branch of economic activity 
(000s), 2018 (4th quarter)

 Agriculture, livestock, fishing

 467.6

 Mining and quarrying

 11.7

  Manufacturing

357.0

 Electricity, Gas, Water, Sewage Management

62.6

  Construction

153.7

 Trade  

685.2

Restaurants, Hotels

350.9

 Transport, Logistics and Communication

284.2

 Banking and Finance

86.8

 Real Estate  

5.1

 Public Administration

347.2

  Education

312.1

  Health and Social Welfare

240.6

 Other services

469.1

 Total  

3,833.8

 Source:  Hellenic Statistical Authority, 2019, data processed by Enterprise Greece

 

Educational level of the Greek labour force 
(000s and %), 2018 (4th quarter)

 PhD and/or Master’s degree

 247.5

5.2%

 University degree

877.0

 18.6%

 Technical degree

1,014.7

 21.5%

 Secondary Education Certificate (Lyceum)

 1,644.2

 34.9%

 Basic Education

424.0

 9.0%

 Lower Education 

507.5

 10.8%

 Total 

 4,714.9 

 100%

Source:  Hellenic Statistical Authority, 2019, data processed by Enterprise Greece

 

 

Labor Productivity - Average annual hours actually worked per worker, 2018

anthrwpinokefalaio1

Source: OECD, Database, 2019

 

 

 

 

Labour productivity: Per employee in selected countries for the year 2017

(Index, EU-28 Average = 100)

anthrwpinokefalaio2

Source: EUROSTAT, Database, 2019

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