Which sectors play a leading role in the EU and Greece
The pandemic has brought upheavals in the ranking of key economic activities in EU Member States – Eurostat data
According to Eurostat, in 2020, ‘public administration, defense, education, human health and social work activities’ became the most significant economic activities in the EU. These activities accounted for 19.8% of EU total gross value added (GVA), overtaking ‘industry (except construction)’ (19.5%) and ‘wholesale and retail trade, transport, accommodation and food service activities’ (17.9%).
At the other end of the scale, the least significant economic activities in the EU were ‘agriculture, forestry and fishing’ (1.8%), followed by ‘arts, entertainment and recreation; other service activities; activities of household and extra-territorial organizations and bodies ’(3.0%).
When comparing the shares of GVA in 2020 with 2019, ‘wholesale and retail trade, transport, accommodation and food service activities’ took the biggest hit in the share of EU total GVA (from 19.3% in 2019 to 17.9% in 2020; -1.4 percentage points), followed by ‘industry (except construction)’ (from 19.9% to 19.5%; -0.4 pp) and ‘arts, entertainment and recreation; other service activities; activities of household and extra-territorial organizations and bodies ’(from 3.3% to 3.0%; -0.3 pp).
By contrast, the percentage of GVA generated by ‘public administration, defense, education, human health and social work activities’ increased from 18.7% in 2019 to 19.8% in 2020 (+1.1 pp). These were followed by ‘real estate activities’ (from 10.8% to 11.3%; +0.5 pp) and ‘information and communication’ (from 5.1% to 5.5%; +0.4 pp).
In real terms, the total GVA generated by the economic activities in the EU in 2020 was 5.9% lower than in 2019.
Greece
According to Eurostat data, the sector with the largest share in the total gross value added in Greece in 2020 was the sector “Wholesale and Retail Trade, Transport, Hospitality and Catering” with a participation rate of 23.1% compared to 27.6% in 2019, followed by the activities “Public Administration, Defense, Education, Human Health and Social Services” with 22.3% from 19.9% in 2019 and real estate with 17.5% from 16.2% a year ago.
The industry in Greece is in fourth place in terms of its contribution to the total gross value added with 14.2%.
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