How the digital sector can add 12-23 billion euros to Greek economy by 2035

The technology sector could add between 12-23 billion euros to the Greek economy by 2035, boosting the country’s much-needed productivity index and narrowing the gap with the EU.

The “magic lever” to achieve this lies in digital investment and its evolution in relation to productivity over the decade to 2035, with software playing a central role. A key factor for success is the use of technology and its integration into the production process.

Two scenarios

According to a recent report by analysts at the National Bank of Greece, “a tripling of software investment could close one quarter of the productivity gap with Europe.” They further noted that “productivity is linked both to the overall level of digital assets and to their composition, with the share of software playing a decisive role.”

They outlined two scenarios for the evolution of digital investment and its impact on productivity over the next decade:

Conservative scenario: If digital investment maintains its current pace, productivity could increase by around 30% by 2035, narrowing part of the gap with the EU (from 55% to 47%) and adding approximately 12 billion euros to the Greek economy compared to the current digitalisation trend.
Ambitious scenario: If digital investment accelerates by 40%, aiming to converge with the EU in terms of capital stock, the productivity gap could narrow to 41%, adding 23 billion euros to the economy by 2035. This target is considered realistic (reflecting investment momentum similar to the previous decade) and also a minimum necessity, given that Europe itself lags technologically on a global scale.
For Greece, convergence with the European average under the ambitious scenario should be seen as a minimum requirement for broader productive convergence.

Technology integration

The ICT (Information and Communications Technology) sector has recorded impressive growth over the past 25 years, more than doubling its contribution to the economy (from 2.9% to 6.5%), supported by technological advances in mobile networks, fibre optics, and software. The sector is performing significantly above the European average.

However, this progress has not translated into meaningful convergence with European benchmarks for the economy as a whole (the sector accounts for 10.6% of the economy in the EU).

According to analysts, the issue is not access to technology, but its use.

In terms of technological infrastructure, Greece performs comparably with Europe (0.8% of total fixed assets in telecommunications and IT equipment). By contrast, the gap lies in software (0.7% versus 1.5% in the EU), meaning in the integration and utilisation of technology in production processes. IT services are the main area of underperformance, contributing just 2.8% of business value added, compared with 6.2% in Europe.

Estimates for 2026 – Opportunities and Risks

The ICT market in Greece in 2026 shows that it will continue its development, with investments, strategic changes, mergers and opportunities.

After the completion of the financing from the Recovery and Resilience Fund, it is expected to be strengthened by a new round of European funds that will finance the research and development of European technologies with particular emphasis on the fields of artificial intelligence, cybersecurity and defense.

Continuous developments in areas such as artificial intelligence and robotics offer fertile ground but at the same time constitute a significant challenge. Competition is expected to intensify since the sector presents a high degree of internationalization, with an increasing presence of foreign software and cloud service providers, Cybersecurity in the Greek market.

These providers have increased capital and technological advantages, which intensifies competitive pressures and may affect the operating margins and future profitability of the companies.

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