Swedish companies operating in Greece reiterated their confidence in the Greek market through the “Greece Business Climate Survey”, conducted by the Swedish Trade Office, Business Sweden, in cooperation with the Embassy of Sweden and the Hellenic-Swedish Chamber of Commerce. The results of the survey, based on information gathered from 32 senior executives, were announced by, Charlotte Wrangberg, Sweden’s Ambassador in Greece, Erik Friberg and Andreas Giallourakis, Swedish Trade Commissioners, and John D. Saracakis, Chairman of the Hellenic-Swedish Chamber of Commerce.

The results of the “Greece Business Climate Survey”, as announced at a presentation held at the Swedish Residence in Athens, reveal Swedish companies’ confidence in the Greek economy, as well as their willingness to continue to operate in the country. A total of 32 senior executives participated in the survey, which was conducted by the Swedish Trade Office, Business Sweden in cooperation with the Embassy of Sweden and the Hellenic-Swedish Chamber of Commerce. Among the respondents, there were many companies with a global turnover greater than € 1 billion such as H&M, IKEA, Volvo, Electrolux, Ericsson, Oriflame, and Tetrapak.

In her welcome speech, Charlotte Wrangberg, Sweden’s Ambassador in Greece said, “the time is right to once again take a closer look at the Greek market. And at the great potential we see here. There are certainly some very important developments taking place right now.”

In his welcome speech, John D. Saracakis, Chairman of the Hellenic-Swedish Chamber of Commerce said, “It is encouraging to notice that optimism and a positive outlook for the future of the Greek economy are finally returning and the Swedish companies seem to be at the forefront of this turnaround!”

81% expect growth in their respective sector and 63% expect moderate to very high company profitability in the mid-term
The results of the survey were presented by Erik Friberg and Andreas Giallourakis, Swedish Trade Commissioners. The results show that Swedish companies are fairly optimistic about the Greek market’s profitability possibilities. Both from short as well as mid-term perspectives, the vast majority of respondents expect their respective sectors to grow. 81% of the respondents expect a mid-term positive sector growth. 63% of the participants expect profitability (ranging from moderate to high profitability) both in the mid and long terms. However, most companies expect moderate profitability. Last but not least, 52% of the companies are looking at business expansion in the mid-term.

Qualified workforce as an advantage
Swedish companies that took part in the study employ around 3,400 individuals in Greece. Both growth in their sector and expectations for growth in turnover and profitability will lead to an increase in the number of staff in Swedish companies. 34% of the respondents expect to increase the number of employees in the next three years, while 71% believe that the number of qualified managers in Greece is high or very high and consider it an opportunity for Swedish companies.

“Expectations for sector, turnover and profitability growths indicate confidence in Greek economy”
Swedish Trade Commissioner Erik Friberg said, “We often read forecasts and reports based on statistical data and macro indicators. But this survey is different from them as it is reflecting first-hand observations from companies operating in the market. Swedish companies having practical understanding of Greece and doing business in Greece believe that the market has potential in the mid-term. Although they are sometimes affected by political instability, tax rates and bureaucracy, they believe their respective sectors will continue to grow and they plan to stay in Greece. In that context, I dare say that the output of the survey is an indicator of their confidence in the potential of the Greek market.”

Greece Business Climate Survey’s Grand Sponsors were ABB and Ericsson and Sponsors AstraZeneca, SKF and Saracakis-Volvo.

You can read the full report here.

Photo
from left: Andreas Giallourakis, Swedish Trade Commissioner, Dimitris Papadimitriou, Ministrer of Economy and Development of Greece, Charlotte Wrangberg, Ambassador of Sweden to Greece, Rania Patsiopoulou, ‘Α Vice-Chairman of the Hellenic-Swedish Chamber of Commerce, Erik Friberg, Swedish Trade Commissioner, John D. Saracakis, Chairman of Hellenic-Swedish Chamber of Commerce