Supermarket sector contributes 9.24 pct to Greek GDP

Greek consumers believe that the supermarket sector has contributed significantly, amid the economic crisis, according to a pan-Hellenic survey conducted by IELKA (the Research Institute of Retail Consumer Goods). The survey also said it was clear that supermarkets were a “support” of the economy and everyday life in the country.

Specifically, according to the survey, overall, consumers regard as positive the contribution of supermarkets in the Greek economy (through investment, their contribution to GDP, the preservation of jobs, etc.) at a rate of 61 pct. This is reflected, according to IELKA, to the macro-economic contribution of the industry to the country’s
GDP.

According to the IELKA survey, the total food hyper-sector, including retail, wholesale and production, contributes 9.24 pct to the country’s GDP, with 14.5 billion euros of added value.

Supermarkets support employment in the country and the local economy with positive responses at rates of 56 pct and 59 pct, respectively. According to data released by Hellenic Statistical Authority, the retail food sector is one of the few sectors of the economy that retains jobs in Greece, with about 190,000 job positions.

In particular, employment in the retail food store sector has increased over the last five years, while in 2016 the sector created 5,500 new jobs (the only industry in Greece with such positive employment data).

Supermarkets strengthen Greek producers with positive responses at a rate pf 59 pct, which is a result of major pan-Hellenic branch networks they have developed, and cooperation with local Greek producers. Currently, supermarkets in Greece cooperate with thousands of Greek producers, ILEA estimates that there were more than 28,000 companies operating in production or wholesale business in Greece.

It should be noted that consumers have positive opinions for supermarket efforts to keep prices at low levels in the last three years. Positive opinions in 2016 have reached 54 pct. To a large extent this development is a result of an effort to restrain prices and offers that exceed 700 million euros in value annually.