SEV: Growth in Greece Will Not Come With Gyms and Hair Salons

Friday, July 7th, 2017
Last Update: 21:15

In crisis-stricken Greece the businesses that flourish are hair salons, dry cleaners, funeral parlors, electronics repair shops and gyms, says the weekly Hellenic Federation of Enterprises (SEV) report.

However, the bulletin says, such businesses will not bring growth, as the only services known to have a high investment boom are “repairs of electronics or household appliances,” “personal service activities” (dry-cleaners, hair salons, gyms, beauty parlors, etc) and “events planning.”

All these investments, the report says, are linked to the effects of the crisis and recession in various forms, such as businesses starting out of the owner’s need to have employment and a source of income, repairs instead of purchases, infrastructure maintenance, personal improvement. All these business activities do not contribute to the end of recession and they don’t produce wealth.

However, the fact that investment in these sectors (1.3 billion euros) is almost the same as investment in oil-free manufacturing (1.2 billion euros), shows that Greece’s tentative growth pattern is directed towards low-value activities.

Also, the writers of the report express the concern that only 17% of investments (excluding real estate purchase) in Greece are spent on research and development and intellectual property use, when in Europe such investments amount to about 30%.

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