European Commission Reports that Greece’s Industrial Sector Drastically Shrank from 2008-2015

manufacturing industryGreek industrial companies are struggling to compete with their foreign counterparts, according to the European Commission, that estimates the Greek manufacturing sector saw drastic shrinking in the manufacturing sector from 2008-2015.

The latest estimates from the Commission states that over a 9-year-period that the manufacturing sector in Greece shrank from 141 large companies employing over 250 employees active in 2008, to only 106 companies at the end of 2015 as well as experiencing production losses in the sector of an estimated 2.9 billion euros.

The report says that companies are not able to compete in marketing or sales, as the economic crisis in Greece along with harsh austerities have driven up prices of commodities that are needed to keep businesses afloat such as electricity and additional taxes.