Greek SMEs (small and medium-sized businesses) have demonstrated notable resilience despite multiple crises befalling the country’s economy and structural and circumstantial challenges, according to an Alpha Bank analysis.

The sustained momentum of the Greek small and medium-sized businesses is confirmed by the official data, according to which 99.9% of SMEs are not in the financial sector, while accounting for 4.7% of jobs and 62.8% of real gross value added (GVA).

In 2024, the ratio of SMEs per 1,000 people stood at 79, one of the highest in the EU and substantially over the 58/1,000 EU average.

Notably, despite the consecutive crises over the past years, SMEs grew in absolute numbers, in terms of employment, and in derived products.

Interestingly, the positive results appear to be driven almost entirely by very small businesses employing fewer than ten workers.

Alpha Bank’s analysis, however, cautions that the sector is faced with ongoing challenges, highlighting the difficulty in finding highly skilled staff and increased energy costs.

Another issue demanding attention is that Greek SMEs lag behind respective EU27 SMEs in terms of digital transition and competitiveness.

To address these shortcomings, the analysis urges businesses to adopt a more rapid approach in utilizing the tools provided in the EU recovery fund, aimed at improving the digital transition process.

In addition, green transition—through programs such as “Exoikonomo” for businesses—alongside efforts to bolster innovation, export orientation, and economies of scale via mergers and collaborative business models are also underlined in Alpha Bank’s analysis.

The latter, in particular, is expected to enable Greek small and medium-sized enterprises (SMEs) to scale up production, expand market access, and implement investment plans that can drive long-term growth. Increasing the average size of Greek SMEs, coupled with the development of comprehensive business strategies and improved corporate governance, is also seen as key to enhancing access to financing.

These reforms are part of a broader strategy to strengthen the resilience and international competitiveness of Greece’s SME sector, which forms the backbone of the national economy.