Greece gradually shifted over the last decade towards a more outward-looking production model, a new study by the Institute of the Hellenic Chamber of Hotels (INSETE) shows. The research challenges the long-standing narrative of a “coffee economy” overly reliant on tourism and low-productivity sectors.
The study highlights that exports grew at an annual rate of 7.8% after 2015, outpacing both tourism revenues (+4.8%) and GDP growth (+3.4%). Manufacturing strengthened, with production rising approximately 3% annually between 2013 and 2024, while employment in the sector increased at twice the overall job growth rate (+2.3% versus +1.1%). Investments in machinery, transport, and technology equipment also surged by 8.8% annually.
The agri-food sector improved its international competitiveness, moving from a 3 billion euro trade deficit in 2008 to a 460 million euro surplus in 2023. Meanwhile, Greece’s real effective exchange rate depreciated by 32.9% since 2009, enhancing global competitiveness. Productivity also grew steadily, with an annual increase of 1.23% between 2017-2019 and 1.9% from 2021-2025.
The study notes that employment in accommodation and food services created roughly 19% of new jobs after 2013, a significant figure but far lower than the often-cited “almost half” claim. Tourism remains a comparative advantage, supporting productivity and sustainable growth rather than serving as the economy’s sole driver.
INSETE emphasises that the persistent narrative of Greece as a “coffee economy” misrepresents the country’s macroeconomic progress. The study concludes that tourism, manufacturing, and competitive agriculture developed in parallel, with tourism providing a strategic lever for further upgrading Greece’s economic model.
