Greece’s merchant marine sector could well account for ten percent of the country’s GDP and help the Greek economy recover from the economic crisis, according to a study published on Tuesday.
An increase in the number of Greek seamen and the return of companies based abroad “would favour the country’s economy” concluded the study, carried out by the Foundation for Economic and Industrial Research (www.iobe.gr).
According to the study, the sector could gain an added value of 26 billion euros ($33.7 billion) by attracting maritime activities to Greece and could create more than 550,000 jobs.
“The sector could well reach ten percent of Greek GDP,” economist Angelos Tsakanikas, who was in charge of the study, said during a presentation to the press.
It currently accounts for six percent of gross domestic product.
There are 17,018 seamen aboard Greek cargo ships and tankers but only 44 percent of those are Greeks, according to the most recent data available by the national statistics agency (Elstat).
Greece, which has been facing a harsh economic crisis since 2010 and has an unemployment rate topping 27 percent, is in desperate need to make its economy bounce back.
The foundation pointed out the need for “a fiscal system more favourable to seamen.”
According to the study, in order to attract more shipowners to the Greek market, political stability in the country is essential.
It is also necessary to form a strategy that will reinforce the competitiveness of the Greek merchant marine sector.
The creation of a maritime centre in the region of Attica, around Athens, could also attract foreign companies said the study.
Greek shipowners are leaders in their sector internationally and control about 15 percent of the world’s merchant fleet.
Greece’s merchant marine sector represents more than 48 percent of the country’s balance of payments, topping the list between 2009 and 2011, followed by tourism.
But the country’s shipowners have often been a source of resentment because of their privileged fiscal status.
The crisis recently forced them to accept a tax, imposed on vessels sailing under foreign flags.
“Shipowners recently decided to contribute a total of 140 million euros per year,” said Finance Minister Yannis Stournaras who was present at the study’s presentation, adding that he hoped the sum would increase.
Shipping could help Greece exit crisis, says study
