by Vassilis Lychnaras, Nikolaos Rodousakis and George Soklis
Presentation at the European Commission’s National Productivity Workshop «The Green Transition and Productivity», 10 March 2022.
The presentation focused on the intersectoral linkages of the energy sector of the Greek economy. The methodological approach is an extended version of the hypothetical extraction method, based on the latest input-output data. It considers both the amount of inputs and labor required to produce a given good or service. The presentation shows first that the role of the energy sector in the Greek economy is that of an input seller rather than a purchaser. In particular, there is a strong dependency of all sectors on the energy sector. Secondly, over the las decade, the mix of the energy consumption in Greece changed and today is strongly depended on “oil and petroleum products” and “natural gas”, whereas at the same time, the energy import dependency went up (reaching 81.4% in 2020), thus making the Greek economy more exposed to developments in international energy markets compared to the recent past. Thirdly, the sector most affected by the current energy crisis is «Natural water; water treatment and supply services» whose operating costs are likely to face strong pressure. However, this sector is largely under the control of the Government, so it should be relatively easier to mitigate the negative implications of higher energy costs. Lastly, in addition to the industries, households are also vulnerable to the rising energy costs.
You can download the presentation here: