Πολιτιστική Πύλη του Αρχιπελάγους του Αιγαίου ΙΔΡΥΜΑ ΜΕΙΖΟΝΟΣ ΕΛΛΗΝΙΣΜΟΥ
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Economy of the Aegean

      Οικονομία του Αιγαίου (3/5/2006 v.1) Economy of the Aegean (4/5/2006 v.1)
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Συγγραφή : Ierapetritis Dimitrios (27/6/2005)
Μετάφραση : Papadaki Irene (15/11/2005)

Για παραπομπή: Ierapetritis Dimitrios, "Economy of the Aegean", 2005,
Πολιτιστική Πύλη του Αρχιπελάγους του Αιγαίου

URL: <http://www.ehw.gr/l.aspx?id=10491>

 
 

1. Introduction

The Aegean administratively comprises the regions of the Northern and Southern Aegean, which consist of the prefectures of Lesvos, Chios, Samos, the Cyclades and the Dodecanese. The total surface area of the Aegean islands is 9.122 square kilometres, covering 6,9% of the country. With a population of 508.807, the Aegean comprises 4,6% of the total population, presenting a population density of 54,4 inhabitants per square kilometre.(see. Auxiliary Catalogues)

2. Macroeconomic developments

According to the 2002 figures (National Statistical Service of Greece), the produced Gross Domestic Product (GDP) of the Aegean amounts to 7.245 million euros (at current prices) and is generated by 62,9% in the Southern Aegean and by 37,1% in the Southern Aegean. The economy of the Aegean is characterized by the concentration of activity in the tertiary sector, which accounts for 76,87% of the total Gross Value Added (GVA). A smaller share of GVA is generated by bodies in the secondary sector, namely 12,19% of GVA, as well as in the primary sector, where 10,93% of the total GVA is generated. During the period 1995-2002, the Aegean economy saw an improvement, reflected in the increase in the GVA by 99,6%. In specific economic sectors of activity, the primary sector during the same period saw the largest increase (by 124,3%), followed by the tertiary (102,5%) and the secondary (67,6%) sectors.

At prefecture level, it occurs that 41,5% of the Aegean’s GDP is produced in the prefecture of the Dodecanese, 22,3% in Lesvos and 21,4% in the Cyclades. An important growth in the GDP is displayed over the 1995-2002 period, when an increase of 104,4% is attained. Similar increases are also observed in the various regions: the Northern Aegean region’s GDP reached 111,1% during the period 1995-2002, while the respective production growth in the Southern Aegean region amounted to 100,3%. (see. Auxiliary Catalogues)

The per capita GDP of the Aegean is as high as 14.149 euros (current prices 2002), when in the regions of Northern and Southern Aegean it amounts to 13.147 euros and 15.152 euros respectively (ranking fifth and second amongst the country’s regions with the highest per capita GDP). The prefectures which mostly contributed in the development of the Aegean’s per capita GDP, amounting to 15.803 euros, 14.961 euros and 14.031 euros respectively, are the Dodecanese, Lesvos and the Cyclades. Examining the Aegean’s per capita GDP during the period 1995-2002, a large total increase of almost 100% (96,9%) is observed, while the Average Annual Rate of Change has risen to 9,8%.

On the basis of the 2002 figures, the inhabitants of the Aegean area possess large amounts of funds in deposits, rising up to 8.740 per inhabitant, higher than the respective deposits at national level (6.090 euros). Furthermore, the Aegean regions are top-listed in the country’s regions with the largest deposit funds (Southern Aegean: 8.820 euros and Northern Aegean: 8.650 euros). The 2002 figures concerning the declared income and the income tax, confirm the prosperity of the inhabitants of the Aegean region. More precisely, the inhabitants of the Aegean region declare 11.300 euros on average, revenue fairly higher than the national average (10.400 euros); as for the tax they are required to pay, it amounts to 790 euros on average tax payer, while the respective tax at national level is approximately 660 euros.

3. Employment – Labour Market

The Aegean labour market is characterized by a high concentration in the tertiary sector of economic activity. More specifically this sector comprises (2002) 65,35% of the total employment in the Aegean region (larger than the respective percentage of persons employed at total national level). In the secondary sector the employment rate is 19,9% (lower than at national level: 22,5%), while in the primary sector 14,75% (lower than at national level: 16,1%).

53,7% of the total population of the Aegean between the age of 15 and 64 is employed. Examining the employment on the basis of sex and focusing our analysis on the economically active age group of 15-64 years, it appears that 72,1% of the men are employed, contrary to only 36,1% of the women, when the total employment rates at national level are 71,4% and 42,5% respectively. It should be noted that the Northern and Southern Aegean regions rank last (34,2%) and first-to-last (38%) amongst the country’s regions on the basis of women’s employment at the age group of 15-64 years.

According to the 2003 figures, the unemployment rate in the Aegean islands rose to 9,5%, approximately at the same level as the total national level (9,9%). During the 2002-2003 period the unemployment rate decreased significantly in the Aegean region by 2,2 percentage points, when the respective decrease in the employment rate during the same period at total national level was merely 0,1%. At regional level, the Northern Aegean ranks second amongst the regions with the lowest unemployment rate (7,3%), while the Southern Aegean region ranks first-to-last with an unemployment rate of 11,7% during the year 2003. However, the aforementioned rate (that of the Southern Aegean region) has remarkably decreased, reaching 2,5 percentage points during the period 2002-2003. The respective decline of the unemployment rate in the Northern Aegean region was by 1,5 percentage points.

As far as special groups of unemployed persons are concerned, according to the 2002 figures, it appears that the rate of long-term unemployed (over one year) is 33,9%, fairly lower than the national rate. On the contrary, the Aegean has a higher women unemployment rate than the one at national level: 17,4% as opposed to 15% at total national level. The same can be observed in the young unemployment rates, reaching 29,8% in the Aegean area and 26,5% at national level.

4. Economic sectors of activity

The Aegean islands feature agricultural holdings of a total surface area of 56.371.000 thousand square meters, cultivated almost in their totality, and comprise 6,9% of the country’s total agricultural holdings. The total number of land parcels is 2.645, with an average parcel area of 6,8 thousand square meters, approximately the same as the average parcel area at national level (6,98 thousand square meters). The agricultural holdings of the Aegean islands consist of vineyards and raisin vineyards (13.740.000 thousand square meters, constituting 8% of the country’s vineyards and raisin vineyards), tree crops (49.075.000 thousand square meters, 8,7% of the country’s tree crops), and various other lands (22.623.000 thousand square meters), including family vegetable plots, permanent grassland and pastures, rough grazing, nurseries, other perennial plantations and fallow land parcels. Livestock holdings in the Aegean region amount to 39.021 (10,8% of the country’s livestock holdings) and consist of 3.447 bovine holdings (12,2% of the country’s bovine holdings), 8.182 ovine holdings (6,4% of the respective holdings at national level), 12.148 goat holdings (8,8% at national level), 9.190 pig holdings (25,4% at national level) and 6.054 equidae holdings (19,5% at national level). As far as the fishery sector is concerned, it is found that 7.829 catches are fished in the Aegean region, namely merely 9,1% (2000) of the national total catches. The number of catches is declining during the three-year period of 2000 through 2002, seeing an Average Annual Rate of Change of - 9,2% and falling, during the same period, by 17,6%, when the respective decrease at national level reaches only 2,5%.

The secondary economic sector accounts for 12,19% of the Gross Value Added (GVA) in current prices, according to provisional data of the National Statistical Service of Greece (2000). The construction sector is the most important in secondary production, generating 73,9% of GVA, followed by the sector of electricity, gas and water, which generates 17,81% of GVA, while merely 8,3% of GVA is generated by the processing sector. During the period 1995-2002 the construction sector marks a significant progress (on the basis of GVA), showing an increase in GVA of 172,5%. The sector of electricity, gas and water saw during the same period a smaller increase of 19,9%, contrary to the processing sector, which marked a decline of 53,3%.

The tertiary production appears to be the most important sector of Aegean’s economy, generating 76,87% of total GVA. Tackling in particular the specific sectors of the tertiary production, one notices that the sectors of real estate management, renting, business activities and hotel-restaurants generate the higher GVA in the sector (21,91% and 21,26% respectively). The largest development during the period 1995-2002 was marked in the sectors of private households with employed staff (rate increase by 349,3%), financial intermediation services (rate increase by 154,4%) and transport, storage and communication services (rate increase 145,4%), as well as in education (rate increase by 137,8%).

The most recently available evidence concerning the tourism sector (2004) shows that in the Aegean islands operate 404 hotel complexes, with a capacity of 11.457 rooms and 21.858 beds, which constitute 4,5% of the total complexes operating at national level. Of these complexes 52% are ranked as two-star, 26% as three-star, 14,4% as one-star, 6,4% as four-star and 1,2% as five-star.

Recently available evidence (2001-2002) concerning the number of arrivals and overnight stays shows a decline in the tourist inflow in the Aegean islands. During the period 2001-2002 the total number of arrivals decreased by 12,2%, while the total overnight stays in the Aegean islands decreased by 13,2%. The foreign tourists’ arrivals see a decrease of 14,5% while the decrease in overnight stays being 14,1%. A smaller decrease is observed in the arrivals and overnight stays of Greek tourists (4 and 5% respectively). In a total of 2.125.496 arrivals (2002 figures), 76,1% concerns foreigners and the remaining 23,9% Greek tourists; in a total of 15.543.193 overnight stays, 88,2% concerns those of foreign tourists in the Aegean islands.

5. Summary

According to recently available evidence, the Aegean economy generates 5,1% (2002) of the country’s total GDP, while during the last eight years (1995-2002) it showed a positive development, marking an increase of 104,4% in GDP. As far as its division into related sectors of activity is concerned, a high concentration of activities is observed in the tertiary sector (76,87% of GVA and 65,35% of the total number of employed). More specifically, in the tourism sector, while generating, along with the sector of real estate management, renting and business activities, the higher GVA of the Aegean economy, during the period 2001-2002 a significant decline in the tourist inflow has been observed, implying a decrease in the arrival of tourists in the Aegean islands by 12,2% and in their overnight stay by 13,2%.

 

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