Study: Investments in Culture Support Tourism, Boost Greek Economy

The National Gallery in Athens was one of the cultural investments mentioned by the Greek Culture Ministry. After years of construction work for the expansion of its premises, the National Gallery opened its doors in 2021. Photo source: National Gallery

Investments valued at 453 million euros generate 1.56 billion euros for the Greek economy, said Greek Culture Minister Lina Mendoni during the presentation this week of a study on culture and its socioeconomic contribution.

The study, conducted by Deloitte Greece, explores the multiplier effects of cultural projects financed through the EU’s NSRF 2014-2020 program on employment, national and local economies, and on tourism.

The findings reveal that Greece’s tourism segment alone gains 94 million euros a year from culture activities.

Additionally, for every one euro spent on culture, 3.44 euros return to the state in a period of five years while culture projects funded under the specific EU program supported 22,106 jobs.

Greek Culture Minister Lina Mendoni. Photo source: Culture Ministry

Study analysts observed that returns on investments in culture are increasing compared to the previous funding period, supporting at the same time tourism revenues and promoting the country’s tourism offer through culture.

In view of the findings, the ministry underlines the importance of maintaining investments in culture.

Addressing the presentation event, Culture Minister Lina Mendoni said the implementation of a “new, flexible and dynamic operational and development model of cultural management which focused on the optimal utilization of available financial tools as well as the rational application of existing material and human resources” was creating and achieving a multiplier effect on the economy.

“It is our priority to develop realistic public policies with tangible and measurable results affecting the quality of life of citizens, cultural entrepreneurship, and economic development,” said the minister, adding that culture is a distinct productive sector of the economy which creates products and services, jobs and income, and stimulates investment activity.

Lastly, referring to the current EU funding program, Mendoni said the ministry was implementing one of the largest cultural infrastructure programs which include over 800 works and actions budgeted at 1.25 billion euros.