Only 8% of jobs in Greece’s market-producing businesses were in foreign-controlled companies in 2024, the lowest share in the European Union, according to data released Thursday by Eurostat. Across the EU, the figure was 16%, showing how much less of the Greek business workforce is employed by enterprises controlled from abroad.
The gap was particularly wide compared with Luxembourg, where such businesses employed 45% of workers. Ireland, Slovakia and Romania each recorded 28%, while Cyprus and Italy stood at 10%. EU-wide, foreign-controlled enterprises represented just 1% of businesses but generated 24% of value added.
Eurostat figures put Greek employment at 281,558 across 4,548 foreign-controlled enterprises in 2024. That was higher than the 243,486 people recorded in 2021, despite a small decline from 2023. The numbers point to a persistently limited share rather than a sharp fall in foreign-controlled employment.
Why jobs in Greece remain outside foreign-controlled companies
One explanation lies in the size of Greek businesses. The Organization for Economic Cooperation and Development says microenterprises account for nearly 47% of employment in the country’s business sector. European Commission estimates show small and medium-sized businesses employ almost 85% of workers in the nonfinancial business economy.
Greece’s mix of industries also differs from countries such as Slovakia and Romania, where large foreign-owned manufacturing operations support substantial employment. Tourism, shops and other services play an important role in the Greek economy. The OECD says many smaller businesses struggle to invest, adopt new technology and expand into larger markets.
Financing problems date back to the country’s debt crisis, which damaged banks and restricted business lending. Although bank balance sheets have improved, the OECD says access to funding remains difficult for some smaller firms.
A European Investment Bank survey in 2025 also identified high energy costs, shortages of skilled staff and regulation as major investment concerns.
Foreign investment growth does not always mean more employment
Money arriving from abroad does not always create new positions. The Bank of Greece has reported substantial investment in property, while purchases of existing businesses can transfer control without immediately increasing payrolls.
Greece attracted about 7 billion euros ($7.8 billion) in foreign direct investment in 2024, according to figures published by investment agency Enterprise Greece.
Authorities are pursuing reforms through a European Union-backed recovery plan that targets business financing, digital services, licensing and the justice system. But European institutions continue to flag obstacles to investment and business growth.
Eurostat’s results do not calculate how much each problem contributes to the low share, leaving the country’s business structure as a central part of the picture.
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