Cultural investments flourish in Greece: €453M Ignites €1.56B economic boost, study finds

Athens: Greek Culture Minister Lina Mendoni recently shed light on the substantial economic impact of cultural investments in Greece, underscoring a study by Deloitte Greece.

This analysis delves into the economic ramifications of cultural projects funded through the EU’s NSRF 2014-2020 program, showcasing an impressive generation of 1.56 billion euros from an investment of 453 million euros. Mendoni highlighted the pivotal role of culture as a productive sector, not only in fostering job creation and income but also in stimulating overall investment activity.

The study presented by Deloitte Greece offers a compelling insight into the economic benefits derived from cultural investments. It reveals that for every euro invested in culture, a substantial return of 3.44 euros is realized by the state over a span of five years.

Furthermore, these investments have been instrumental in supporting 22,106 jobs, emphasizing the significant contribution of cultural projects to employment and economic growth. The tourism sector, in particular, reaps a yearly benefit of 94 million euros from cultural activities, highlighting the symbiotic relationship between culture and tourism.

In response to these findings, Mendoni elaborated on the development of a new operational model of cultural management aimed at maximizing these economic benefits. This model focuses on the optimal utilization of financial tools and the rational application of resources, striving for a dynamic and flexible approach to cultural management. The goal is to create a multiplier effect on the economy, leveraging culture as a catalyst for economic development and quality of life improvements.

Looking ahead, Mendoni announced the implementation of an extensive cultural infrastructure program under the current EU funding scheme, with a budget of 1.25 billion euros. This program encompasses over 800 works and actions, signifying a significant investment in the country’s cultural heritage and contemporary cultural initiatives. Such an ambitious undertaking not only underscores the commitment to preserving and promoting Greece’s rich cultural legacy but also aims to further enhance the country’s economic landscape through culture.

The study by Deloitte Greece and the initiatives outlined by Culture Minister Lina Mendoni highlight the transformative power of cultural investments. Not only do they bolster the economy and support job creation, but they also enrich the country’s tourism offerings and cultural heritage. As Greece continues to invest in culture, the anticipated economic and societal benefits are a testament to the sector’s vital role in the nation’s overall prosperity.