ECONOMY

Private schools cost 2.8 bln euros per year

Private education cost Greeks more than 2.8 billion euros in 2008, with the majority of that being spent in the country’s two largest cities, Athens and Thessaloniki. Data published by research group ICAP showed yesterday that 6.4 percent of primary and secondary school students in Greece attend privately owned schools. The sector’s financial outlook is better than many other industries due to households’ resistance to cutbacks in spending on education. ‘Demand for private education is relatively inelastic and strong. Education is one of the most decisive factors in shaping social and economic growth,’ ICAP said in a statement. Figures show that turnover in the sector rose by an annual rate of 10.7 percent in 2008 on a widening profit margin as costs increased at a slower pace.