- The Greek economy has since undergone economic restructuring, and austerity measures have been implemented by the government.
- A key contributor to the Greek economy is its tourism industry, according to Statista, which accounted for 15% of the country’s GDP in 2021.
- As per official statistics, fuel had the largest share in Greek exports in 2021, followed by industrial products, food products, and chemicals, respectively.
The Greek economy was significantly impacted by the global financial crisis and the subsequent sovereign debt crisis that hit the country in the early 2010s. Subsequently, Greece had to be bailed out by the IMF, and in the past few years, the country has made significant progress in strengthening its economy.
Greek economy
Since the early 2010s, the Greek economy was surviving on the support of IMF and EU nations, as the level of fiscal spending grew to unsustainable levels and they came on the verge of defaulting on their debt repayments.
The Greek economy has since undergone economic restructuring, and austerity measures have been implemented by the government.
This has led to negative GDP growth up to 2013, yet the nation was nevertheless able to achieve considerable strides in debt reduction and fiscal improvement.
Last year, Greece paid its final tranches of IMF debt two years ahead of schedule and also exited EU’s “enhanced surveillance.”
According to the World Bank, in 2021, the Greek economy was worth $214.873 billion, becoming the 51st largest economy in the world.
Statista reports that in 2021, the service sector accounted for 67.49% of Greek GDP, while industry contributed 15.95% and agriculture 3.9%.
Tourism, key contributor
A key contributor to the Greek economy is its tourism industry, according to Statista, which accounted for 15% of the country’s GDP in 2021.
Greece is home to some of the world’s most famous tourist destinations, including Athens, the Greek islands, and ancient archaeological sites like the Acropolis.
According to Eurostat, Even though Greece ranked third among EU countries for foreign tourists in 2021, it failed to make our list of the 25 safest countries for solo female travelers.
In recent years, the government has been working to develop the country’s tourism infrastructure and to promote Greece as a tourist destination, which should help to support the continued growth of this important sector.
Largest ship-owning nation
Greece is also the largest ship-owning nation in the world, home to some of the most valuable shipping companies.
As of 2020, the country had a fleet of 4,901 vessels, a 4% increase from 2019, which represents 19.42% of global deadweight tonnage and 58% of the EU-controlled fleet.
Greek shipping plays a crucial role in securing the EU’s diverse energy imports from remote regions of the world.
Largest Greek export shares
As per official statistics, fuel had the largest share in Greek exports in 2021, followed by industrial products, food products, and chemicals, respectively.
Within refined petroleum, Hellenic Petroleum S.A. is the leader with the largest refining capacity in the country.
Another major industrial sector is Pharmaceuticals, with IOBE reporting that in 2021, the industry made up 7.3% of the total Greek commodities exports and 3.3% of the GDP.
The fact that more than 50% of these exports were going to the EU shows how strong Greece’s ties are with the European nations.
Even though exports of goods are less than imports of goods, a significant portion of the trade imbalance is covered up by exports of services such as shipping, tourism, financial services, etc.
According to the World Bank, the export of goods and services contributed 40.9% to the country’s GDP in 2021.
Greek startups
Although our list only features established companies, Greek startups have also been attracting sizeable investments in recent years; the Foundation reports that in 2022, startups raised more than €310 million.
As per their report, SaaS, health tech, and fintech were the most funded sectors. A major triumph for the startup space came in 2022 when JP Morgan paid $800 million for a 48.5% interest in the Greek cloud-based financial company Viva Wallet.
The OECD predicts that the Greek economy, which grew at a robust rate of 5.1% in 2022, will slow down this year.
The research agency has attributed this slower growth to a rise in international uncertainty, given the Russia-Ukraine war and its impact on energy costs.
Our Methodology
To come up with the 15 most valuable Greek companies in the world, we used stock screeners and publicly available data of the biggest Greek companies.
We then proceeded to rank the companies in order of their market cap. To estimate market value of private companies, we have used a revenue multiple of 1x.
15 Most Valuable Greek Companies In The World
- Star Bulk Carriers Corp. (NASDAQ:SBLK)
Market Cap as of February 6, 2023: $2.2 billion
Star Bulk Carriers Corp. (NASDAQ:SBLK) is a global shipping company that provides seaborne transportation services for dry bulk cargoes.
The company transports bulk cargo, including iron ore, coal, grain, and other raw materials. Star Bulk Carriers Corp. (NASDAQ:SBLK) has a fleet of 128 vessels with a capacity of 14 million DWT (Deadweight ton). The company transports over 60 million metric tons of freight worldwide each year.
- Terna Energy Societe Anonyme Commercial Technical Company (TENERGY.AT)
Market Cap as of February 6, 2023: $2.3 billion
Terna Energy Societe Anonyme Commercial Technical Company (TENERGY.AT) is a renewable energy corporation that primarily operates in the construction and energy sectors.
The company engages in the construction and utilization of several renewable energy sources, including wind energy, photovoltaic energy, and hydroelectric energy.
The company also develops and operates integrated process units for waste and biomass management and energy utilization.
Terna Energy Societe Anonyme Commercial Technical Company (TENERGY.AT) had an installed capacity of 895.3 MW (megawatt) and roughly 1,300 MW (megawatt) of operating electricity as of December 31, 2021.
- Jumbo S.A. (BELA.AT)
Market Cap as of February 6, 2023: $2.4 billion
Jumbo S.A. (BELA.AT) is a retail company that sells toys, baby products, household items, seasonal items, stationery, giftware, books, decoration Items, and other related products.
The company operates more than 70 stores, including 51 stores in Greece, 14 in Romania, 9 in Bulgaria, and 5 in Cyprus.
The majority of the company’s revenue is generated through Toys, Home Products, and Seasonal items.
- HELLENiQ ENERGY Holdings S.A. (ELPE.AT)
Market Cap as of February 6, 2023: $2.5 billion
HELLENiQ ENERGY Holdings S.A. (ELPE.AT) is an energy company that engages in the exploration, refining, marketing, production, trading, and supply of petroleum products, petrochemicals, gas and power, and other segments.
The company also offers consultation and engineering solutions and services for projects related to hydrocarbons.
HELLENiQ ENERGY Holdings S.A. (ELPE.AT) mainly operates in Greece, East Mediterranean, and Southeastern Europe.
- Piraeus Financial Holdings S.A. (TPEIR.AT)
Market Cap as of February 6, 2023: $2.6 billion
Piraeus Financial Holdings S.A. (TPEIR.AT) offers products and services related to banking in Greece and other countries.
The company’s operating segments include Corporate and Retail Banking, Piraeus Financial Markets, and Other segments.
The banking division of the company specializes in small to midsize Business Banking, Agricultural Banking, Mortgage and Consumer Finance, Investment Banking, Green Banking, Leasing, and Factoring.
Piraeus Financial Holdings S.A. (TPEIR.AT) has over 400 branches operating in Greece.
- Motor Oil (Hellas) Corinth Refineries S.A. (MOH.AT)
Market Cap as of February 6, 2023: $2.7 billion
Motor Oil (Hellas) Corinth Refineries S.A. (MOH.AT) is one of the largest oil refining companies in Greece and has a significant presence in the country’s energy market.
The company processes oil with a variety of properties and creates a broad range of petroleum products that adhere to international standards.
Motor Oil (Hellas) Corinth Refineries S.A. (MOH.AT) manufactures and sells a complete spectrum of refinery products, including Light Ends, Gasoline, Intermediate Distillates, Fuel, Bitumen, and Lubricants. The company’s clientele comprises petroleum marketing firms in Greece and other countries.
- Public Power Corporation S.A. (PPC.AT)
Market Cap as of February 6, 2023: $3.1 billion
Public Power Corporation S.A. (PPC.AT) is a Greek electric utility company. The company engages in the generation, transmission, and distribution of electricity in Greece and other countries.
Public Power Corporation S.A. (PPC.AT) operates power plants that utilize gas, coal, hydroelectric, wind, and solar energy as fuel to generate electricity.
The company has a total of 60 power plants that provide electricity through a low-voltage distribution network of 240,100 km.
- Alfa-Beta Vassilopoulos
Estimated Market Value: $3.2 billion
Annual Revenue 2021: $3.2 billion
Alfa-Beta Vassilopoulos is a Greek retail chain that specializes in the sale of food and household goods.
The company operates a chain of supermarkets and hypermarkets throughout Greece, offering a wide range of products, including fresh produce, dairy products, meat, bakery items, household goods, and more. Beta Vassilopoulos owns and operates a network of over 500 stores.
- Mytilineos S.A. (MYTIL.AT)
Market Cap as of February 6, 2023: $3.6 billion
Mytilineos S.A. (MYTIL.AT) is a Greek industrial company that operates in the energy, defense, and infrastructure sectors. Mytilineos S.A. (MYTIL.AT) is involved in projects related to the production of electricity, gas trade, primary and secondary aluminum, and renewable energy.
In the energy sector, Mytilineos S.A. (MYTIL.AT) is involved in the development, construction, and operation of power generation projects, including renewable energy projects such as wind and solar power.
- National Bank of Greece S.A. (ETE.AT)
Market Cap as of February 6, 2023: $4.3 billion
National Bank of Greece S.A. (ETE.AT) provides corporate and retail banking services through its subsidiaries.
The operating segments of the company include retail banking, special assets unit, insurance, corporate and investment banking, global markets, asset management, and international banking operations.
National Bank of Greece S.A. (ETE.AT) accepts deposits and provides loans, mortgages, leasing, investment, and insurance services to consumer and corporate clients.
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Source: Yahoo
