Greece

HSBC Navigator provides comprehensive insight into the now, next and how for business, representing the views of over 9,100 business decision-makers across 35 markets. This report gives an understanding of how businesses like yours can continue to grow now and in the future.

Greece finds a path forward

After 10 years of challenging economic conditions, Greece is hoping to reach the other side by cutting taxes and promoting growth, capitalising on market conditions that put yields on Greek bonds at record lows. While the level of its optimism exceeds forecasts from the EU, OECD and other economists, signs point toward an economy that is on its way to reducing unemployment and public debt and returning to growth.

State of play

In pursuit of steady growth

More than four in five Greek businesses are projecting growth next year (85%), ahead of the global and European average of 79%. But it’s also clear that slow and steady is the ethos in this economy. While nearly two-thirds of companies are more confident than last year, only 19% are projecting growth of 15% or more, lower than the global level of 22%.

Interestingly, only 35% of Greek firms are expecting their business to change totally or substantially in the next five years, compared to half globally and 41% in Europe. This again would seem to point to a strategy of steadying the ship after a turbulent decade.

85 %

More than four in five Greek businesses are projecting growth next year (85%), ahead of the global and European average of 79%

Expectations for future business growth

Expect sales to grow – next year*
85%
Expect sales to grow – next five years*
90%
Grow by 15% or more – next year
19%
Grow by 15% or more – next five years
23%
Grow by 6-14% – next year
30%
Grow by 6-14% – next five years
34%

  Next year Next five years
Grow by 5% or less 35% 32%
Stay the same 6% 2%
Expect sales to shrink 9% 7%

*This is the sum of grow by 5% or less, 6-14%, 15% or more

What you need to know

  1. 1

    In the next five years, 90% of Greek companies are projecting growth, ahead of the global (82%) and European (80%) averages.

  2. 2

    81% of firms are positive about their outlook for international trade, slightly ahead of the rest of Europe.

  3. 3

    International traders are much more confident about growth in the next year – 98% of them are upbeat about their prospects compared with 85% of all companies.

What your business can do

  • Expand into new markets. This is a driving factor cited by 51% of growing companies and 27% of firms who stated that they are overcoming threats by exploring new horizons.
  • Analyse how your business needs to change to meet future challenges. It makes sense for Greek firms to get back on track, but think about investing in change ahead of the wave.
  • Upgrade your supply chain with new technology and change supply management processes.