The first recovery signs showed by the Greek economy offer an optimistic approach to the outlook of the construction sector, Petros Papaioannou, president of the Business Association for Quality and Development of Structures (SEPAK), told ANA.
In an interview, Papaioannou said that according to a report by the Foundation of Economic and Industrial Research (IOBE), the construction sector’s annual contribution to the country’s GDP was 3.1 billion euros in 2010. The sector was the steam engine of the Greek economy and needs to regain this status, he said, adding that this could be achieved on three preconditions: a restructuring of the sector, a change in tax policy and a unification of all sectors under one umbrella.
Building activity and infrastructure projects were hit harshly from 2010 onwards. Lack of liquidity froze large projects, while high taxation did not allow even small individual owners to make any works, the president of SEPAK said. He noted that the sector has still a lot to give to the economy as long as all interested parties work together seriously, while the state need to intervene on taxation. As long as tax rates remain prohibitive the more the sector’s ability to recover slows down.
SEPAK recommended the unification of all professionals in the sector. “We must unite the sector, on the model of SETE (tourism union), to bring together all professions related with the construction sector, not only engineers and engineering companies but all professions,” Papaioannou said.
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