Greece Frequently Asked Questions
Q: What was Greece’s GDP growth rate in 2023?
A: Greece’s GDP grew by 2.9% in 2023, reaching $242 billion, with tourism, shipping, and technology driving the economic recovery.
Q: What sectors are contributing to Greece’s technological advancements?
A: Key sectors include fintech, health-tech, green tech, and AI solutions. Cities like Athens and Thessaloniki have emerged as innovation hubs.
Q: How is education supporting Greece’s economic growth?
A: Institutions like the National Technical University of Athens (NTUA) and Aristotle University of Thessaloniki lead in STEM and R&D, fostering workforce development and innovation. Additionally, EdTech startups contribute approximately €200 million in annual revenue.
Q: What is the cost to establish a business in Greece?
A: Entrepreneurs can establish businesses with costs starting at €50, with additional fees for registering logos and brand names.
Q: How does Greece rank in the World Bank’s “Ease of Doing Business” report?
A: As of 2020, Greece ranked 79th out of 190 countries, showing significant improvements in business setup procedures and contract enforcement.
Q: What is the value of venture capital investments in Greece?
A: In 2024, Greek-founded startups secured $1.3 billion globally, with $400 million directed to ventures operating in Greece—a 32% increase from 2023.
Q: Which sectors are attracting the most venture capital in Greece?
A: RetailTech, Artificial Intelligence, and AgriTech are key sectors attracting significant investments.
Q: How is Greece advancing digital transformation?
A: Major initiatives include a $176 million investment in 5G networks, public administration modernization, and funding under the Next Generation EU Recovery Plan.
Q: What role does the Elevate Greece platform play?
A: Elevate Greece supports startups by providing resources and fostering private investments in technology and innovation.
Q: What percentage of GDP does Greece allocate to R&D?
A: Greece’s R&D expenditure rose to 1.49% of GDP in 2022, highlighting its focus on fostering a competitive economy.
Q: How many patents does Greece file annually?
A: While specific figures vary, the upward trend in R&D investment correlates with increased patent filings and innovation outputs.
Q: What is Greece’s trade balance for technology products?
A: In 2023, high-technology exports accounted for 15.15% of manufactured exports. However, Greece remains import-dependent, with technology imports representing 6.48% of total imports.
Q: How many venture capital firms operate in Greece?
A: Over 50 VC funds manage portfolios of 468 companies, focusing on high-growth sectors such as AI, AgriTech, and RetailTech.
Q: What key networks support Greece’s startup ecosystem?
A: Key networks include Elevate Greece and Found.ation, which provide resources, mentorship, and opportunities for connecting entrepreneurs with investors.
Q: How frequently are startup-related events held in Greece?
A: Greece hosts multiple events annually, such as the Innovation & Digital Transformation Conference, Hellenic Impact Investing Conference, and the Greece Startup Conference.
Q: Who participates in these events?
A: Participants include founders, VCs, angel investors, researchers, academics, and government representatives, all contributing to the growth of Greece’s startup ecosystem.
