ECONOMY

Industry must see share grow

industry-must-see-share-grow

Industry needs to contribute even more to the transformation of the Greek economy’s production model, the Hellenic Federation of Enterprises (SEV) said in its weekly bulletin on Thursday, highlighting the importance of the sector for economic growth and for social prosperity.

The bulletin noted that out of the 3.2 million workers in the private sector and in state corporations being slated for privatization, 77% are employed in sectors with a productivity rate that is below the economy’s average level, producing just 33% of the gross added value of the economy. These sectors include commerce, tourism, professional services, arts and entertainment, farming and agriculture, and construction.

Only 23% of workers are employed in sectors with a higher-than-average productivity, including industry and all its subcategories (oil refining, electricity, water supply, mining and manufacturing). This also concerns banks, transport and logistics, information and communication, etc.

SEV further noted that the industrial sector employs 389,000 people, of which 330,000 are in manufacturing excluding oil refining, with the two categories accounting for the production of 14.8% and 9.8% respectively of the economy’s gross added value.