Greek Shipping Could Help Revive Domestic Shipyards: BoG

Greece’s dominant position in global shipping could become the catalyst for reviving its long-weakened shipbuilding industry, helping turn one of the country’s most outward-looking sectors into a broader driver of industrial growth, the Bank of Greece (BoG) said in a special chapter of its latest monetary policy report.

The central bank said Greek shipping remains a pillar of the domestic economy, with receipts from sea transport services averaging 18.07 billion euros annually in 2021-2025, equal to more than 38% of services exports and 8.2% of GDP on a gross basis. However, the BoG argues that the domestic footprint of the sector could be strengthened if more imported materials and know-how were replaced with goods and services produced in Greece, particularly through shipbuilding, repair and marine equipment.

That remains a steep challenge. Most Greek-owned vessels are built in China, South Korea and Japan, the report states, which dominate global shipbuilding, while Europe’s share of the market has shrunk sharply over recent decades. Greek output remains marginal by comparison.