Beyond the beach, Greece’s high value economy begins here

Athens suddenly has many rooftop bars and renovated ports. But a question remains, even with the economy recovering. What does Greece produce? But here’s the thing: You can’t build a thriving economy on flights and frappes alone.

Tourism is seasonal. Shipping, which is volatile and global, is a major factor in the value chain. The country is better suited to serve global trade rather than design circuit boards.  Greece’s economic complexity is low, which indicates how sophisticated and diverse the country’s exports are. It is important to understand the reasons why Greece must stop relying solely on easy-to sell products and invest in difficult-to build ones. Green manufacturing, deep tech and real innovation eco-systems are all important because complexity is the survival tactic in 2025.

Economic Complexity

Economic complexity is more than just jargon. It’s an indicator of a country’s contribution to the global economy, not by volume but rather in terms what it can produce and how few other countries are able to do the same.

Greece, on the other hand, heavily relies on sectors with low margins and are prone to vulnerabilities.

• Tourism
• Raw Materials
• Exports of food
• Maritime services

The impact of these factors is relatively small, and they do not have a significant effect on the overall value. According to Harvard Growth Lab’s latest data, Greece is well below EU averages and complexity rankings. It’s also far behind France and Germany. Portugal, Slovenia and Estonia

This context is crucial because it does not only increase GDP but also wages. It also cushions economies in downturns, and attracts investment for the long term. Additionally, it builds capacity, so that the next crises don’t wipe out whole sectors overnight. The economy may appear stable at first, but then the wind might blow it in a different direction.

How Greece compares to other European countries

According to Harvard Growth Lab’s 2023 Economic Complexity Index Greece is ranked 50th in the world, behind Portugal (43rd), Slovenia (12th), Poland (24th)—all of which have climbed into more specialised, higher-value industries over the past two decades.”

• Slovenia Using the EU’s accession as a lever to scale up advanced manufacturing.
• Estonia Adopted a digital first approach to governance, and services. 
• Ireland The country invited international tech firms to set up operations, cut corporate taxes to 12.5% and developed a legal structure that makes it easy for IP operations to be based there. 
• Ireland is now ranked in the top 10 countries to visit. Top 20 Globally—a pivot from farmland to pharma.”

 Greece is a potential market for high-value products exports The ingredients are there. The question is, will it use them before this recovery boom fades? 

Greece is changing. The €31 billion Greece 2.0 recovery plan includes funding for both green and digital infrastructure, vocational training, and industrial zones. The problem is not lack of funding but rather lack of cohesion. Without policies which reinforce each other innovation can become siloed. Infrastructure investment also fails to bring about real transformation. “Complexity does not thrive in fragmented ecosystems; it requires a connected eco-system.”

What’s Holding Greece Back?

The bureaucracy is one of the biggest obstacles in the country. In Greece, the legal system is a complex one with many grey areas. The enforcement of laws varies greatly by region.

You can also find out more about the following: shadow Economic Accounts Between 21.5% and 30% Eurobank and academic studies estimate that Greek GDP is around 12%. This includes undeclared services, VAT avoidance, and under-the-table wages—weakening public finances and discouraging long-term business planning.”

Innovation is also difficult when the half of the system has not been published. What’s the irony? The majority of these problems can be fixed, but not by funding announcements alone. Complexity is not the result of one-off actions; it’s the result of making it easier to commit. 

Tourism may be what sells Greece to the rest of the world but its complexity is really what makes it competitive. It is not sun and scenery, but capability that will make Greece competitive. It’s this resilience that turns recovery into success.