Spyros Theodoropoulos at SEV’s General Assembly: Productivity – A National Goal for Greece

• “Productivity is the only path to competitiveness, growth, and social prosperity.”
• “State, business, and society must commit to this national goal with consensus and without toxicity.”
• “The goal is not to work more, but to work better and more efficiently.”
• “Energy costs remain a matter of survival for Greece’s productive base — we expect solutions through dialogue with the Government.”

With the key message “Rising Productivity: A National Imperative, A Shared Responsibility” (#SEV4Growth), SEV held today, Tuesday, October 7th, 2025, the Open Session of its Annual General Assembly at the Athens Concert Hall, in the presence of the President of the Hellenic Republic.

Prime Minister Kyriakos Mitsotakis delivered a keynote address, while SEV’s Chairman Spyros Theodoropoulos presented the business community’s proposals to boost productivity as the key to a more competitive economy and a more prosperous society.

Guest of honor was Dr Joachim Nagel, President of the Deutsche Bundesbank and Member of the General Council of the European Central Bank, who engaged in a discussion with journalist Pavlos Tsimas. In his opening remarks, Dr Nagel emphasized: “What Greece has achieved over the past decade is not only a national success story – it is an inspiration for all of Europe. It shows that reform, though challenging, does pay off.”

In his speech, SEV’s Chairman Theodoropoulos highlighted that the global environment is marked by turbulence and unprecedented uncertainty, with effects on trade, energy, and supply chains. At the same time, Europe is lagging in growth, productivity, and technological progress compared to the U.S., China, and India. One year after the Draghi Report, only 11% of its recommendations have been implemented, reflecting Europe’s slow response.

Within this context, he noted that Greece has achieved significant progress and gradual convergence: steady growth rates above the EU average, restoration of investment-grade status, reduced tax evasion, a sharp drop in unemployment, wage increases, and lower tax rates for low and middle incomes. As he stated, “Greece has managed to function as a normal country — one that lives within its means and does not burden future generations.”

Mr. Theodoropoulos underscored the contribution of businesses — led by industry — to Greece’s strong economic performance. He pointed out that total exports of goods reached €50 billion in 2024, matching for yet another year the revenues from tourism and other exported services. Industry, the country’s second-largest employer after trade, offers wages 35% higher than the national average, while sectors such as food, pharmaceuticals, metals, chemicals, and ship equipment continue to expand their global footprint. He also acknowledged the contribution of other sectors to GDP and praised the innovation ecosystem, which is growing rapidly, with 3,000 startups and an estimated total valuation of $8–12 billion in 2024.

However, he stressed that critical gaps remain compared to Europe — including the trade deficit in goods, high and volatile energy costs, excessive regulation, bureaucracy, and slow judicial processes.

At the heart of his address was the issue of low productivity. Greece, he noted, stands at 54% of the EU average (with industry at 75%) and has remained nearly stagnant for three decades. He referred to a “widespread misconception in parts of society that improving productivity means working longer hours or intensifying labor,” clarifying instead that “Productivity is about creating added value. It depends on organization, technology, investment, institutional simplification, the speed of justice, the quality of education and training at all levels, functional infrastructure, and regulatory stability.”

He emphasized that responsibility for increasing productivity lies primarily with the State and businesses, not workers, and called on all parties “to set a common goal of rapidly increasing productivity across every aspect of public and private sector activity — with annual milestones, measurable indicators, and regular accountability.”

Mr. Theodoropoulos urged both the State and enterprises to make a leap in productive investment, which, he said, would in turn trigger leaps in export orientation, technology, and industrial renewal. He reiterated SEV’s proposal to institutionalize super-deductions as a horizontal investment incentive.

He also identified human capital as a critical priority, stressing the need for large-scale investment in technical and vocational education, training and reskilling, adoption of Artificial Intelligence by businesses, and stronger inclusion in the labor market.

On energy costs, the SEV Chairman reiterated that they remain a decisive factor for Greece’s competitiveness. He emphasized that the country continues to rank among those with the highest energy prices in the EU, undermining competitiveness across sectors and fueling inflation. For industry — particularly energy-intensive sectors — access to competitive and predictable energy is a matter of survival. He expressed hope that the ongoing dialogue between SEV and the Government will soon lead to concrete results supporting domestic production.

Concluding his speech, he called for cooperation “to move from individual effort to collective endeavor” and “to transform Greece from a ‘normal’ country into a productive one.”

He urged the State “to make productivity a core criterion of all public policies” and businesses “to intensify their investment, digitalization, export efforts, and people development.” Finally, he reassured society that improving productivity is “the path to better jobs, higher wages, and stronger social services — not a Trojan horse for work intensification.”

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