As of 2024, Greece’s job market is showing signs of recovery after years of economic turbulence. Government statistics and reports indicate an employment growth rate of 2.7% since 2023, reflecting progress in various sectors. However, while some industries are experiencing robust growth, others are facing declines, leading to a dynamic yet uneven labour market. Here is a breakdown, based on our own research, of five sectors seeing growth and five areas where our research shows that opportunities are diminishing.
Growing Sectors
- Tourism
Tourism remains a critical pillar of the Greek economy, providing numerous job opportunities in hospitality, travel services, and food-related sectors. With Greece being a popular destination for international travellers, this industry continues to thrive. The expansion of luxury hotel chains and investments in sustainable tourism also drive further employment.
- Technology and IT
The technology sector in Greece is rapidly evolving. With increasing demand for software developers, cybersecurity experts, and IT professionals, the tech industry is one of the fastest growing in the country. Digital transformation across industries, supported by government incentives, has accelerated job creation in this field.
- Renewable Energy
Investments in renewable energy, particularly in solar and wind power, have increased significantly because the investment is from both the private and public sectors. This push aligns with Greece’s goals of reducing carbon emissions and enhancing energy independence. Jobs in the research, installation, and maintenance of renewable energy systems are on the rise.
- Manufacturing
The manufacturing sector in Greece has seen growth, especially in pharmaceuticals, food processing, and machinery production. The sector is benefiting from improved productivity and investments in modernizing facilities. Industrial centres across the country have been key to this recovery, generating jobs for skilled and semi-skilled workers.
- Health and Biotechnology
The health sector, particularly biotechnology, seems to be gaining traction. Greece’s research institutions and pharmaceutical companies have seen increased demand for clinical trials, biotech innovations, and medical research. This sector is being bolstered by both public and private investments.
Declining Sectors
- Traditional Retail
Our view is that the retail sector, particularly traditional brick-and-mortar stores, is facing a decline due to the rapid rise of e-commerce. Small and medium-sized enterprises (SMEs) in retail have struggled to compete with large online platforms, leading to store closures and job losses.
- Agriculture
Although agriculture remains important, it is facing structural challenges, including the aging of skilled workers and a lack of modernization. Additionally, climate change has increasingly disrupted farming, leading to a decline in opportunities for both seasonal and full-time farm workers.
- Construction
Despite some recovery in urban real estate markets, the broader construction industry has been inconsistent. Public infrastructure projects have not matched pre-crisis levels, and labour shortages, coupled with high and rising material costs, have reduced employment in this sector.
- Shipping
Greece’s shipping industry, a historically dominant sector, has faced challenges due to global market volatility, stricter environmental regulations, and competition from other nations. As a result, job opportunities in maritime transport and shipbuilding have declined.
- Public Administration
While public sector employment remains significant, government austerity measures and efforts to streamline services have led to a reduction in new public sector job openings. Ongoing fiscal reforms have focused on reducing government expenditure, impacting hiring in administrative roles.
Conclusion
Greece’s job market as at the end of Q3 in 2024 is characterized by growth in high-tech, energy, and service-based industries, while traditional sectors like agriculture, retail, and shipping face significant challenges. The government and private sector are working to address these disparities through strategic investments, particularly in emerging industries like renewable energy and technology. Nevertheless, further efforts are needed to ensure sustainable job creation and reduce unemployment disparities, especially for youth and rural communities.
© Platinumjobseeker Oct 2024
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