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Business
Business Profile
The public sector is still a dominant force in the Greek economy, accounting for about half GDP, despite increasing deregulation and privatisation. GDP increased by 4.0% in 2001, compared to a 4.3% increase in 2000. Unemployment in Greece stood at 10.3% (2001), showing a reasonable decrease on the 2000 figure of 11.1%, while unemployment in Athens remained the same at around 10%.
The country receives substantial funding from the European Union (equivalent to more than 4% GDP per annum). Greece is a key link to the emerging markets in the Balkans and the eastern Mediterranean. As the only EU state in this part of Europe, the country is regarded as a zone of relative economic and political stability within a particularly volatile region. Greece has the largest merchant marine fleet in the world, with an 18% share of international commercial tonnage. Greater Athens, including the port of Piraeus, is a major hub for international transport and trade – a role that has been enhanced by the opening of Eleftherios Venizelo, the new international airport. The metropolitan area also accounts for most of the country’s industry: tourism, textiles, machine tools and shipping are among the key sectors.
Outside Athens, the agricultural sector continues to be a major employer (20% – Eurostat), although its contribution to national GDP is declining. Tourism is the country’s largest industry, with turnover estimated at $10 billion, accounting for about 8.5% of GDP.
Since 1987, the Athens Stock Exchange (website: www.ase.gr) has become one of the largest of 25 emerging stock exchanges. The ‘Top 5’ companies in 2000 were Hellenic Telecommunications Organisation, National Bank of Greece, EFG Eurobank Ergasias, Coca-Cola HBC and Cosmote Mobile Telecommunications.
The award of the 2004 Olympic Games has prompted a surge of investment. Athens is experiencing a building boom and the construction industry is projected to be producing annual revenues of nine billion Euros (or 20% of GDP) by 2004. Major projects include the Athens metro extension, the building of new sports venues around town and the creation of a further 4000 hotel rooms to accommodate the influx of visitors. Greece’s admission to the single European currency in January 2002 was another boost to the country’s economy. Austerity measures introduced to meet the EMU's (European Monetary Union) requirements have resulted in a downward rate of inflation –3.4% in 2001, compared to an average of 3.9% between 1997 and 2000.
The Athens Chamber of Commerce and Industry, Akademias 7, just off Syntagma Square (tel: 210 360 2411), gives information about business opportunities in the city, while the British-Hellenic Chamber of Commerce, 25 Vassilissis Sofias (tel: 210 721 0361; website: www.bhcc.gr), can provide British people with information about doing business in Greece.
Business Etiquette
The working day in Athens is fairly flexible. In general, offices are open 0830-1630, although shops and banks may have different hours – smaller organisations still close for a siesta in the afternoon during summer. Punctuality is expected for meetings, although a Greek host may keep a business visitor waiting for a short time. It is usual to shake hands to greet a business contact but embracing and kissing colleagues is not uncommon, although not upon first acquaintance. Business cards are exchanged after introductions have been made. Business attire is relatively formal – men are expected to wear suits and ties and women should wear suits. More casual wear is sometimes acceptable during the summer but local businesspeople tend to dress conservatively.
Hospitality is an important part of Greek culture and visiting businesspeople may well be taken to lunch. Greeks do not drink excessively but they will appreciate it if foreigners show enthusiasm to sample Greek wines and spirits. Almost everyone smokes, so visitors should not be surprised by endless offers of cigarettes. Gifts from abroad are well received but not expected, unless a visitor is invited to a colleague’s home, in which case a gift of wine, sweets or flowers is usual.
Business Services
Business Contacts: Athens Chamber of Commerce & Industry (ACCI)
Akademias 7, 106 71 Athens
Tel: (01) 360 2411. Fax: (01) 360 7897 or 361 6464.
E-mail: info@acci.gr
Website: www.acci.gr
Hellenic Foreign Trade Board
M. Antypa 86-88, 163 46 Ilioupolis, Athens
Tel: (01) 998 2100. Fax: (01) 996 9100.
E-mail: info@hepo.gr
Website: www.hepo.gr
British-Hellenic Chamber of Commerce (Greece)
Vas. Sophias 25, 106 74 Athens
Tel: (01) 721 0361 or 0493. Fax: (01) 721 8751 or 2119.
E-mail: info@bhcc.gr
Website: www.bhcc.gr
Economic and Commercial Department, Embassy of Greece (UK)
1a Holland Park, London W11 3TP
Tel: (020) 7727 8860. Fax: (020) 7727 9934.
E-mail: uk@dos.gr
Website: www.greekembassy.org.uk
Greek Chamber of Commerce and Industry (USA)
Suite 206, 1100 Long Pond Road, Rochester, NY 14626
Tel: (716) 227 7272. Fax: (716) 227 7275.
E-mail: chamberinfo@greecechamber.org
Website: www.greecechamber.org
Economic and Commercial Department, Greek Consulate (Canada)
Suite 1801, 365 Bloor Street East, Toronto, Ontario M4W 3L4
Tel: (416) 515 0135. Fax: (416) 515 0708.
E-mail: greekeconcom@aol.com
Hellenic-Australian Chamber of Commerce and Industry (Australia)
PO Box 7077, St Kilda Road, VIC 3004
Tel: (03) 9311 2011. Fax: (03) 9311 2411.
E-mail: information@hacci.com.au
Website: www.hacci.com.au
Convention and meeting planner
Europartners Ltd
Syngrou 101, 117 45 Athens
Tel: (01) 922 1254 or 921 4335. Fax: (01) 922 1589.
E-mail: europart@hol.gr
Website: www.europartners.gr
Convention and meeting venue
Linea Expo Center
Syngrou 57, 117 45 Athens
Tel: (01) 921 7006 or 923 5999. Fax: (01) 921 8442.
E-mail: linealtd@otenet.gr
General business services
Executive Service Translation Centre
Suite 506, Athens Tower Building B, Mesoghion 2-4, 115 27 Athens
Tel: (01) 778 3698 or 770 1062. Fax: (01) 779 5509.
E-mail: info@executiveservices.gr
Website: http://virtual-greece.com/eslbatler
Fully equipped offices with secretarial and translation services. Organisational service for conferences and business events.
International Business Services
5th Floor, Michalakopoulou 29, 115 28 Athens
Tel: (01) 724 5541 or 721 0774. Fax: (01) 724 9508.
E-mail: contact@ibs-ltd.gr
Website: www.ibs-ltd.gr
Fully equipped offices with secretarial and translation services. Organisational service for conferences and business events.
Secretarial services
Regus Hellas SA
Kifissias 90, 151 25 Marousi, Athens
Tel: (01) 809 9797. Fax: (01) 809 9700.
E-mail: athens1@regus.com.gr
Website: www.regus.com
Mendor
Seizani 19, 142 31 Nea Ionia, Athens
Tel/Fax: (01) 271 5855.
E-mail: mendor@compulink.gr
Translation services
Alphabet EPE
Kifissias 154, 151 26 Maroussi, Athens
Tel: (01) 802 0111 or 0112. Fax: (01) 802 0113.
E-mail: contact@alphabet-epe.gr
Website: www.alphabet-epe.gr
Eurologos – Athens
Dirachiou 24, 156 69 Papagou, Athens
Tel: (01) 651 0708. Fax: (01) 654 0652.
E-mail: mail@eurologos.gr
Website: www.eurologos.gr
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General
