Ten thousand jobs from Hellinikon project

The development of the former site of the Athens airport in Hellinikon will create 70,000 jobs by 2031 according to a study by the Foundation for Economic & Industrial Research (IOBE). The development is also projected to boost GDP by 1.5%.

Among the basic conclusions regarding the macro-economic benefits that the Hellinikon development will bring over the 2016-2031 period are the following:

Slowly but steadily the project will provide a significant boost to Greece’s GDP especially towards the end of the study period, with the authors estimating that by 2031 GDP will be 1.5% higher than it would be in the absence of the large development.

• Investments by the end of the period assessed will also be approximately 2.5% higher than the baseline.
• Imports and exports will also follow upward trends. At the end of the period they will be 2.8% higher than the baseline.
• The authors also state that the realization of the investment programme in Hellinikon will be a clear sign to international markets that Greece is a safe and reliable country for investments, a fact which will help attract large direct foreign investments.
• By the end of the study period in 2031, it is estimated that 63,000 new jobs will have been created indirectly in the country. In addition to these a number of positions will be created for workers operating and maintaining the new facilities themselves.

• Furthermore, according to the study, the transfer of 100% of the shares in Hellinikon to the contractor with the signing of the contract avoided 16,000 public sector job cuts that would have had to be implemented due to austerity measures in the absence of the fiscal benefit of the privatization.

  As such the overall benefit to the job market from the construction and operation of the Hellinikon development is expected to surpass 70,000 jobs.