FinMin Hatzidakis: 'Green transition' is Greece's opportunity to become an energy exporter

The progress Greece has made in green energy transition will allow it to become an exporter of energy, instead of an importer, National Economy & Finance Minister Kostis Hatzidakis said on Wednesday.

Speaking at the 8th Annual Economic Conference of the Hellenic Business Association, Hatzidakis added, "This is a factor of optimism for Greece, for its competitiveness and its prospects, not just of environmental and economic importance." But what is also necessary, is a substantial European policy, especially in the networks sector, as the Draghi report shows.

Hatzidakis also spoke of the myth that Greece has become completely deindustrialized, a fallacy since industry has increased its ratio to GDP from 2019 to 2023, Hatzidakis said.

Industry rise

The FinMin said that "in recent years, the myth is promoted in Greece that there is so-called complete deindustrialization, that every productivity process has stopped, and that Greece has exclusively become an economy of services. In reality, facts show that very significant progress has been achieved in recent years; I would say, a renaissance of manufacturing and industry."

Hatzidakis referred to data from the Hellenic Statistical Authority (ELSTAT), which shows that industry has increased its share in GDP from 12% in 2019 to 13.8% in 2023. In addition, ELSTAT data of 2023 show a more than 7% increase in the number of employees in industry compared to 2019, while the European Central Bank data shows an increase of 20.4% in productivity from 2019 to 2023, he said.

He also cited data on incrased exports (59% from 2019, the highest rate in the EU), and an increase in the share of high-tehnology exports in all export goods.

"This may not be revolutionary, but the trend is positive. And at any rate, there has been no deindustrialization," he noted, adding that "this disproves those who claim that Greece 'does not even produce pins'." The progress achieved is attributed to efforts by the businesses and employees themselves, and to the government's policy combining fiscal seriousness with an investment-friendly approach, Hatzidakis said. "If there are no positive developments in the economy, how come half a million new job openings were created?"