Despite the unfavorable external conditions, Greek economy showed particular resilience last year, both in terms of strengthening economic activity and creating new jobs.

According to an economic analysis by Alpha Bank, the Gross Added Value for all sectors of the Greek economy increased by 1.2%, employment rose by 1.3%, while new business registrations moved higher by 6.1% last year compared to 2022. In addition, Greek business turnover (in nominal terms) rose in most sectors of economic activity.

UPWARD TREND IN CONSTRUCTION 
The Gross Added Value of the construction sector stood at 3.9 billion euros in 2023, marking an increase of 14% compared to 2022. The upward trend in construction is also reflected in the increase in employment, with the creation of 17 thousand new jobs. At the same time, the sector’s turnover rose by 16.7% and the number of new business registrations also rose by 16.1%.

The dynamics of the construction sector are also reflected in three more short-term indicators.
First, the construction output index increased by 12.8% year-on-year.
Secondly, in 2023 a dynamic increase in construction investments was recorded, both in housing by 20.7% and in other constructions by 10%.
Thirdly, private construction activity also showed a significant increase (in terms of volume, m3), which in 2023 jumped 15.9% compared to 2022.
Tourism, wholesale and retail trade as well as the transport sector accounted for about ¼ of total Gross Added Value, while public administration and defense also contributed positively.
In addition, the sector that includes arts and entertainment contributed marginally to the increase of Gross Added Value.
Although the industry and primary sector had zero and marginally negative contributions, respectively, to the change in 2023, employment in these two categories increased significantly.

HEALTHIER BANKING SYSTEM
Undoubtedly, Alpha Bank notes, a healthier banking system has been instrumental in strengthening the financial stability. In the past year, the crisis in US regional banks and the shocks in the Credit Suisse may have sounded the alarm bell for the banking system, but the balance sheets are stronger today than they were before the global financial crisis. The higher liquidity ratios and a tighter regulatory framework have been instrumental in preventing the escalation of regional crises globally.