PRESS RELEASE WifOR Study: HDB contributed €7.7 billion to Greek GDP and supported 306,000 jobs

Significant economic, social and environmental impact of HDB financial schemes in the Greek Economy, according to WifOR Institute’s study.

For a second year in a row, WifOR Institute has conducted a study on the loan support activity of the Hellenic Development Bank – HDB.

The study assessed the impact of HDB funding schemes for the period 2019 – 2021 on two economic indicators (GVA and Employment), while additional environmental (Greenhouse Gas (GHG) Emissions) and social indicators were added for the first time (quality of wages, QW).

As the study records:

• The Hellenic Development Bank-HDB contributed €7.7 billion to GDP and supported 306,000 jobs.

Regarding the new environmental impact indicator measured for the first time in a corresponding survey, it is observed that the businesses receiving loans directly as part of HDB’s financial schemes as well as their Greek suppliers are emitting less greenhouse gases (GHG) per unit of GDP contribution value, i.e., Gross Value Added, than the businesses’  foreign suppliers globally (covering Europe and the rest of the world). 

This is extremely important.

• HDB’s interventions aim to support environmentally friendly investments in Greece, not only from Greek but also from international investment organizations and companies.

Additionally, in the new quality of wages index which assesses whether employees’ wages have a positive or negative impact on their quality of life, the Greek businesses receiving loans from HDB’s financial schemes are have  a positive impact on the quality of wages directly within  Greece valued at €280 million. Furthermore, the value of the quality of wages’ impact per unit of GDP contribution is positive and higher in Greece compared to the businesses’  foreign suppliers globally (covering Europe and the rest of the world). 

This is also extremely important.

• HDB’s interventions aim to support investments in Greece that increase the quality of living, not only from Greek but also from international investment organizations and companies.

The main conclusions of the study: