Home Greece Mytilineos generates added value equal to 0.6 pct of GDP annually, report...

Mytilineos generates added value equal to 0.6 pct of GDP annually, report says

Mytilineos generates a total added value of 1.06 billion euros, equal to 0.6 pct of the country’s total GDP on an annual basis, the group said in its 2nd Social-Economic impact survey released on Friday.

The survey said that every year, Mytilineos generates a remarkable economic and social value for the country, as a responsible enterprise interacting with its social partners. In this context, in May 2020, the Climate Change and Sustainable Development services department of Ernst & Young elaborated the 2nd socio-economic impact study with the time span from January 1st, 2019 to December 31st, 2019 as the reference period. This study once again confirms Mytilineos’ responsible attitude and its broader contribution to the national economy and employment, in parallel to its contribution to the collective effort for the attainment of the UN Sustainable Development Goals 8 and 9, pertaining to economic growth and the boosting of employment in the industrial sector, respectively. Mytilineos’ socio-economic impact in Greece derives from its economic activity across its value chain, from production to the promotion and sale of its products. For its operation, Mytilineos is supplied with raw materials, products and services from Greek suppliers, supporting various business sectors in the Greek economy, such as the electricity and gas sector, construction and metallurgy. Across all sectors, the Company supports income, tax revenues and jobs and, respectively, the same applies for its suppliers and associates in their own value chain. Mytilineos with its activity:

– Generates added value of 1.06 billion euros, equal to 0.6 pct of the country’s total GDP.

-Makes a tax contribution of 301 million euros, equal to 0.39 pct of the Treasury’s total tax revenues

– Supports 13,802 jobs in total, accounting for 0.36 pct of total employment in Greece.

– The total number of jobs offered by Mytilineos supports the income of 31,745 citizens, further enhancing the social benefit created in Greece by its activities.

Mytilineos represents a multiplicatory benefit for the Greek economy:

For each euro of Mytilineos’ direct contribution, an additional 1.34 euro of added value is created for the Greek economy.

For each euro paid by Mytilineos in direct taxes, its direct and indirect suppliers pay more than 3.0 euros of taxes as a result of their cooperation with the company.

Every job directly offered by the company supports 4.5 more jobs in the Greek economy.

Source: AMNA