the birthplace of democracy.

13% of the English Dictionary is derived from Greek words.

Greece is home to the Olympic Games
Famous ancient Greeks are: Homer, Socrates, Plato, Aristotle, Alexander the Great, Cleopatra.
Modern western philosophy

Starting a business involves 10 procedures and takes 10 days. It stands 135 th in

ease of doing business in global scenario.
It tax rates however are very high.
Business hours from 9am to 9pm.
While in conversations they tend to keep small distance to their counterparts.
Physical contact is used to show empathy and emphasize the subject matter.
Greeks are group oriented building deep and lasting relationships is very
important for them.
Respecting each others honour is very important as they get offended very
easily.
Greek is the official business language. They know English but know greek
language is an advantage.
Avoid getting into political disputes such as Macedonia naming dispute. Republic
of Macedonia.
Greece member of : UN, European union, council of Europe etc.
Economy dependent on Service sector 85%. Industry 12% and agriculture 3%.
The only legal and qualified institution which protects inventions and industrial
designs is Hellenic Industrial Property Organization(IBO)
Industrial production of Portland cement and Pharmaceuticals is highest in the
country.

Culture
16 million tourists more than population. 16% GDP. Thats why many airports
tourism.
Everybody above 18 votes enforced by law.
98% ethnic. Turks form largest minority.
250 days of sunshine. Can Aid/affect your business depending on your product.
12 million speak greek.
13% of the English Dictionary is derived from Greek words.

Literacy rate from 1950 30% now to 95%.

Greeks are friendly and very open to meet new people and do business with
them.
Hand gestures OK and stop are offensive.
They prefer face to face contacts. First impressions are important. While in
conversations they tend to keep small distance to their counterparts. Physical
contact is used to show empathy and emphasize the subject matter.

Avoid getting into political disputes such as Macedonia naming dispute. Republic
of Macedonia.
Show interest in clients and their lifestyle.
Greek is the official business language. They know English but knowing greek
language is an advantage.
Formal titles Mr. and Ms. are used in first meetings and while addressing older
people.
Punctuality not important however they expect to be well informed.
Gifts are not really essential. If you persist of giving them something liquor or
whine, office accessories or chocolates should do.

Political Environment
Greece parliamentary republic. The president elected by parliament 5 years head
of state and prime minister is head of government.
Legislative power exercised by parliament and president.
President has limited political powers but he formally appoints the prime minister
and on his recommendation can appoint or dismiss people in government.
General elections held every 4 years that is unless parliament is dissolved.
Political stability on the stability index is week. With newly elected goverment
has taken charge to take Greece out of this situation.

Primary Sector
Agriculture and fishery.
Agriculture contributes to 3.8% of GDP. 12.4% of labour force.
2010 largest producer of cotton close to 183800 tons and pistachios 8000 tons.
Ranked second in production of rice and olives.
Greece is the major beneficiary of common agricultural policy of European union.
Accounted for 19% of EUs fishing haul ranked 3 rd.

Secondary Sector
Industry
Industrial growth has increased by 6% (2005-2011)
However it was hit by financial crisis throughout 2009 and 2010 decrease in
industrial production by 13.4%
3rd in production of marble in European union.
Retail trade has increased by 44% b/w 1998 to 2008 while it decreased by 11.3%
in 2009.
2009 Labour productivity was 98% of EU average. 74% Eurozone average.

Tertiary sector
Maritime seaborn trade.

Greek fleet doubled through the investment by Onassis and Niarchos

Greece has largest merchant navy in the world in terms of deadweight

tonnage

Ranked fourth in the world in terms of number of ships

Shipping accounts for nearly 6% of Greeces GDP

Greece ranked 4th globally in terms of exporting shipping services

Telecom

Between 1949 and 1980 telecommunications industry under state

monopoly

Since 2011, the company's major shareholder is Deutsche Telekom with a

40% stake,

Other mobile telecommunications companies active in Greece are Wind

Hellas and Vodafone Greece.

The total number of active cellular phone accounts for 20 million

Tourism

Tourism flourished in Greece post 1950s

From 1950 the arrivals jumped from 33,000 to 11.4 million in 1994

Tourism contributed 18.4 % of the GDP

The number of jobs directly or indirectly related to the

tourism sector were 840,000 in 2008 and represented 19% of the
countrys total labour workforce

Only way up

Tourism, financial services and shipping are the major industries with
maximum potential.

Because of economic downturn assets, are low priced.

Interest mainly coming from middle east; an example is last years joint
deal between Greeces Lastis, Chinas Fosun and Abu Dhabis Al Maabar to
develop the old Helenikon airport in Athens.

High level of knowledge and experience of the local financial talent is an

incentive for investors.

Once the economy is revived it will propel its growth.