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The Shipping industry is a key growth driver for the Greek economy

The Boston Consulting Group, a global management consulting firm, has conducted a study entitled, ''Impact Assessment of Greek Shipping on the Economy and Society'' which concludes that the shipping industry is able to become a key growth driver of the Greek economy.

The study is based on a comprehensive approach including databases, interviews with experts and desk research.

The study covers the classic impact, as well as the broader impact, of the shipping cluster on the Greek economy and society. The shipping cluster can support the Greek economy in terms of liquidity, employment, contribution to GDP and investment, both in shipping and in many other sectors. The contribution of the Greek shipping cluster to the Greek economy is 7.6 % of Greek GDP and 3.5% of the country's employment. Greek cargo ship companies contribute the most with €6.5 billion. In addition, the shipping cluster indirectly contributes a further €2.3 billion to the economy, while the total induced of Greek shipping is estimated at €3.4 billion.

Thus the total contribution of the shipping cluster is €13.4 billion or 6% of Greek GDP (2010 data). Beyond shipping, Greek ship owners invest in other sectors of the Greek economy and contribute to Greek society through social impact. Therefore, the study identifies actions that could enhance the current contribution of Greek shipping to the Greek economy as follows:

1. Long-term national development strategy;
2. Increase enrolment in maritime schools in order to increase employment of Greeks in the shipping cluster;
3. Upgrade educational quality and establish private maritime schools;
4. Simplify requirements and processes for start ups and reduce bureaucracy;
5. Stable and competitive institutional framework.