Multiplying Effects in the Local Economy through the Sustainable
Development of the Cultural and Environmental stock. The Case of
Symi
IOANNA MIKROU, PETROS DIMAS, GEORGIA SKOULAKI, ANASTASIA VYTHOULKA,
ASPASIA FAFOUTI, EKATERINI DELEGOU, AGGELOS TSAKANIKAS,
ANTONIA MOROPOULOU
School of Chemical Engineering,
National Technical University of Athens (NTUA),
9 Iroon Polytechniou Str., 15780 Athens,
GREECE
Abstract: - Sustainable development proposals utilizing the environmental and cultural reserve of remoted
areas, help to preserve and maintain the cultural heritage and nature, while further strengthening the local
economy, and boosting tourist activity. This article aims to assess the socio-economic effects of the sustainable
development proposals for the island of Symi, which utilize the environmental and cultural reserve of the
region. The assessment concerns economic values, such as the Gross Domestic Product and the contribution in
terms of production value, both at regional and national levels. The scenario has been made based on the
increase in tourism expected. For the implementation of the research, bibliographic research was conducted
concerning sustainable development and how it is related to investment, tourism, cultural heritage, and the
environment. Furthermore, the current situation was identified regarding the touristic scheme on the island. All
the above led to the assumptions formed, based on which the input-output model was applied for the socio-
economic assessment, which examined the direct and indirect effects on the economy. Sustainable development
proposals have positive economic results and depending on the extent of the investments, the economic effects
are formulated.
Key-Words: - Symi, Sustainable development, cultural and environmental stock, input-output model, isolated
areas
Received: April 13, 2023. Revised: October 1, 2023. Accepted: October 12, 2023. Published: October 27, 2023.
1 Introduction
Sustainable development as a term may have several
definitions and may be related to different areas of
research, [1]. In general, economic development,
environmental protection, and social equity are the
most crucial points that should be addressed through
sustainable development, [2], and as the 2005
United Nations World Summit Outcome Document
states the pillars of sustainable development are
economic development, social development, and the
protection of the environment, [3].
Looking closer to the point of environment
whether it’s about the protection or development,
two terms closely related and codependent,
environmental sustainability is related to ecosystem
integrity and the carrying capacity of the natural
environment, [4].
The purpose of sustainable development is the
harmonization of man with his environment and the
utilization of available resources in the best possible
way to achieve the preservation and protection of
the environment, economic development, and social
well-being, [5].
The environmental reserve can refer to hot
springs, beaches and coasts, mountains, lakes and
rivers, fields, and anything related to the natural
environment that characterizes each region. The
environmental reserve can both be mobilized and
keep the values of sustainability, while at the same
time protecting the natural environment itself.
Moreover, the environmental reserve is closely
connected to cultural heritage, like monuments,
churches, buildings, and many more that can be
found throughout nature.
The management and protection of the cultural
and environmental stock can lead to local
development, cooperatives, investments in the
existing stock, upgrading of facilities, and
highlighting of the cultural and environmental assets
of the regions, [6].
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Cultural heritage and the environmental stock of
a region are reasons tourists may choose a
destination, and by combining the environment with
the cultural heritage, “cultural routes” could come
up as a solution that can attract tourists, [7].
In Greece, a country where one of the main
industries is tourism, specific areas, like the island
Symi, could further increase the touristic period, but
in a sustainable way. Acquiring tourism through
highlighting cultural and environmental reserves in
the context of sustainable development and
sustainable tourism is a great deal for islands, which
are considered remote areas, [8].
This paper aims to showcase the socio–
economic effects of sustainable development on the
island of Symi. We develop a regional input-output
model to measure the structural effects (in terms of
economic benefits) of a series of investments that
target to utilize the environmental and cultural stock
of the island and upgrade its potential for
sustainable tourism.
Sustainable tourism is defined by the UN
Environment Program and the UN World Tourism
Organization as "tourism that takes full account of
its current and future economic, social and
environmental impacts, meeting the needs of
visitors, industry, the environment and of host
communities", [9].
Furthermore, sustainable tourism “refers to the
environmental, economic, and socio-cultural aspects
of tourism development and an appropriate balance
must be struck between these three dimensions to
ensure its long-term sustainability”, [10].
Tourism has negative and positive impacts, and
it is needed to reduce the negative impacts and
increase the positive ones. The World Tourism
Organization identifies the following principles and
practices that should be applied in the context of
sustainability and sustainable tourism:
1. To make optimal use of environmental
resources
2. To respect the social and cultural
authenticity of local communities.
3. To ensure the sustainable economic activity
of businesses, providing socio-economic
benefits to all stakeholders which are fairly
distributed.
4. To ensure stable employment and social
services in the host communities,
contributing to the fight against poverty,
[11].
Based on the above and the 4 specific criteria,
Sustainable management, Socioeconomic Impacts,
Cultural implications, and Environmental impacts,
[12], that The World Council on Sustainable
Tourism provides as standards for sustainable
tourism, the ‘cultural routes’ mentioned above, are
an excellent solution for Symi, in which the existing
routes will be used and the creation of 4 more will
be implemented. To measure the socioeconomic
activity from this action and the direct and indirect
effects on the local and national economy in GDP
and production value, due to the sustainable tourism
increase and the investment in the environmental
and cultural stock, the input-output model will be
used (Leontief model).
The methodological framework of input-output
analysis was developed by Wassily Leontief. In the
1930s he published ‘Quantitative Input-Output
Relations in the Economic System of the United
States’ in the Review of Economics and Statistics,
[13], for which he won the Nobel Prize in
Economics in 1973. He described the input-output
model and developed the model’s applications for
solving economic problems.
Input-output analysis provides a representation
of the output structure of an economic system,
which can be as large as the world economy or as
small as a region or even an individual firm, [14]. In
this case, it will refer to the investment made on the
island.
Input-output analysis provides a proper setting
to capture the functions and interindustry linkages
of an economic system, [15], by showing how
domestic production and imports of goods and
services in an economy are used by industries for
intermediate consumption and final use (EU Science
Hub), offering a useful methodological approach to
quantify the interdependencies between individual
domains, [16].
Quantification is translated through a system of
linear equations that quantitatively expresses the
relationships of inputs and outputs of the system,
[13].
A simpler approach to economically assess the
direct impact of a series of investments would be a
straightforward cost-benefit analysis, that enables
the user to directly compare costs and expected
revenues and evaluate the feasibility of a project
from its direct outcomes. In detail, this involves
adding up all the projected costs and deducting them
from the expected benefits or opportunities of the
project at hand, often represented as a ratio. If the
benefits outweigh the costs, it may be considered a
good decision to pursue. However, if the costs
exceed the benefits, it may be necessary for the
company to reconsider the project or decision.
However, this approach is limited to the production
unit/organization that is responsible for the
development and implementation of the project (in
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this case, the Municipality of Symi), and thus fails
to consider additional indirect effects on other actors
related to the project, such as suppliers of raw
materials, accommodation businesses that may
benefit from the upgraded and more tourist-friendly
local environment, etc. This limitation motivates the
deployment of a regional input-output model, where
the different costs related to the project at hand are
attributed to corresponding economic activities (i.e.,
different industries) of the local economy that will
implement the required actions, and the model
considers the additional benefits that may result
from their production linkages and economic
transactions towards the completion of the project.
Furthermore, the model offers an evaluation of the
different types of effects (direct and indirect) in
macro-economic terms (GDP, production value) for
the regional economy as well as for the national
economy, as the regional sectors are not only
limited to production linkages with their local
economies but also with industries from different
regions of the country.
2 Problem Formulation
To formulate the problem, we start by identifying
some key characteristics of the Municipality of
Symi, including some basic features regarding its
environment, important information, and the
touristic scheme. Then, based on the proposals of
Symi Island (given by the program Sustainable
Development of Less Developed Regions and
Isolated Areas by Creating New Touristic Resources
and Products through Analysis, Documentation, and
Modelling of Cultural Assets using Innovative ICT
Applications – project code: T2EDK-01278) that are
mentioned below, the amount of investment in the
cultural and environmental reserve is calculated.
Then based on the increase in tourism which is
expected to happen in April and November, in other
words, an increase in the touristic period which
normally is May to October to April to November
(assumption) due to the investment and proposals, it
is calculated the further investment made by tourism
in the sectors of accommodation and food and
beverages for April and November.
The total investment, from the proposals and
tourism increase, in monetary terms is then inserted
in the input-output model.
Specifically, the investment is distributed to the
economic activities/sectors that are relevant for each
case, according to Rev. Nace 2. Only the two-digit
branches are entered in the input-output model. The
input-output model through regional tables,
calculates the change in GDP and production value.
For this process, the amount of investment per
economic activity is needed. An analysis of the
financial sectors selected per proposal follows.
Calculating the investment of the above, while
also calculating the increase of the tourists, in other
words, the rise in accommodation and food and
beverages, due to the investment in the cultural and
environmental reserve of the island, the input-output
model was used to determine the multiplying effects
in the local economy.
2.1 The case of Symi
Symi is an island of the Dodecanese in Greece, and
it is the eighth largest island of the Dodecanese.
It is approximately 22 nautical miles from
Rhodes and 230 nautical miles from the port of
Piraeus. According to the website of the
Municipality of Symi, [17], regular ferries depart
from the port of Piraeus and Rhodes to the port of
Symi. There is also a connection with 8 more
islands. There is no airport on the island.
Its area is 58.1 square kilometers, with a
coastline of 85 km. The island is mainly
mountainous with many rocks without many high
peaks. The tops of the mountains are bare and
unrounded and between them are formed deep
ravines with steep slopes. Between its heights, there
are a few small fertile plains. Today there are 5
settlements on the island: Symi, Emporio,
Marathouta, Pedi, and Panormitis, [18].
It has a varied coastline, which features a
multitude of headlands, bays, and harbors.
Around the island, there are many islets. The
largest is Nimos, followed by Sesklia.
The cypress forest in the interior of the island
and the eastern part of Symi have been included in
the NATURA 2000 network with code GR4210025,
as well as the islets of Kouloundros, Seskli,
Trumpetos, Marmaras, Karavolonissi, Megalonissi,
Gialesinos, Oxia, Chondros, Platy, Nimos and the
sea region of the island of Symi.
Symi Island has already 7 existing trails, and a
large part of the old paths of Symi have been
preserved and are also used by the inhabitants of the
island.
2.1.1 Symi and the Proposals
It is suggested the cleaning, and marking of the 7
existing paths as well as creating 4 more cultural
routes and an addition of an info kiosk.
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Existing trails:
1. Trail Panormitis – Ormos Faneromenis (2,4
Km)
2. Trail Pedi – beach of Agia Marina (2 Km)
3. Trail Pedi – beach of Saint Nicolas (1,6
Km)
4. Trail Kotika – Saint Aimilianos (4,7 Km)
5. Trail Nera – Sanit Nicolas (2 Km)
6. Trail Symi – Lighthouse Koutsoumpa (3,5
Km)
7. Trail Nera – Ormos Nanou (2,4 Km)
The new routes:
1. Route Mixailides–- Sotirides
2. Route Panagies Symi
3. Route Tour through the history of Symi
(2 routes) - (3a) Prehistory of Symi and
(3b) Pelasgian and Ancinet traces of
Symi.
The proposed cultural routes are intended to
connect points of interest (each route is thematic)
and mainly use the road network. In some cases,
they are also connected to the existing trails. Mostly
all the points of interest are accessible via the local
road network, which is why an upgrade of the road
network should be included.
2.1.2 Symi and the Touristic Scheme
Due to the architecture, nature, and culture, the
island is a world-class tourist destination.
In Symi Island and according to recent
information from the Hellenic Chamber of Greece
[19], the total number of hotel units is 15 and their
capacity is 252 rooms / 499 beds.
Specifically, there are no 5-star or 1-star hotels,
but there are 6 4-star hotels, 5 3-star hotels, and 4 2-
star hotels.
Many tourists visit the island during the tourist
months, which are May to October, and based on
information from the Symi port authority, as shown
in Table 1, the arrivals are the following, which
include one-day travelers, habitats, and people from
excursions.
Table 1. Arrivals of tourist 2022–- Source: Symi
Port Authority
MAY
JUNE
JULY
AUG
SEPT
OCT
10417
35078
36395
50114
19287
24563
2.1.3 Calculation of Proposal Investment
About marking and signs, and to roughly calculate
the quantities and types of signs and to capture some
basic figures, Y.A. 151344/165/18.01.2017
(Government Gazette B 206/30.01.2017)
“Definition of technical specifications for marking,
marking, opening, and maintenance of mountain-
hiking path”, [20], and Y.A. 154551/1839/13.7.2017
(Β 2562), [21], and Y.A. 169774/2784/10.05.2018
(B 2004) amendments of no. 151344/165/18-1-
2017 of ministerial decision (Government Gazette
206 B), [22], were studied and consulted, which
include specific provisions about the types of signs,
markings, etc.
The signs calculated in Table 1 concern
reception, direction, and information signs.
Directional signs based on the above guidelines
should be placed all over the route, with a 200 to
300 m distance between them. So, for the total
quantity of directional signs for each route, the
overall km of the route was divided by 250 m and
then the number was rounded up. Reception signs
are placed at the beginning and at the end of each
route, and information signs at every cultural point
of interest that is on the route, as well as at the
beginning and end of the path.
For the wooden stakes, one wooden stake is
placed at every beginning and end of each path.
Upon these wooden stakes, a welcome sign and an
information sign are placed. Also, one wooden stake
is calculated for every cultural point of interest (an
information sign is placed upon the wooden stake).
Lastly, directional signs should be applied on a
wooden stake if there is an intersection between
routes, in this case, intersections exist between the
new routes.
Based on records of similar offers for Greek
public projects, which are available in digital form
from the Greek Ministries of Finance and Digital
Governance, research, and communication with
experts and companies in the field and by applying a
small raise because raw materials have experienced
raises lately, the cost regarding the marking of all
routes, new and existing, of the signs is
approximately 110.000,00€.
Concerning the cleaning, the type of roads of
the paths is initially groupe as indicated in Table 3,
according to the information of each existing route,
into clear paths, unclear paths, and cobblestones.
Depending on the type of route and based on
purchase prices which were found on old offers via
the website diavgeia [23], research and
communication with experts and companies of the
field and by applying a small raise, the total amount
of cleaning is approximately 35.000,00€. The new
routes are mainly roads, so there is no cleaning
involved, only the cost of upgrading the roads.
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Table 2. Number of signs for each route/trail
Route
Reception Sign
Directional Sign
Informative Sign
Wooden Stake
Trail Panormitis – Ormos Faneromenis
2
10
3
3
Trail Pedi – beach of Agia Marina
2
8
3
3
Trail Pedi – beach of Saint Nicolas
2
7
5
5
Trail Kotika – Saint Aimilianos
2
19
5
5
Trail Nera – Sanit Nicolas
2
8
5
5
Trail Symi – Lighthouse Koutsoumpa
2
14
0
2
Trail Nera – Ormos Nanou
2
10
4
4
Route Mixailides - Sotirides
2
3
9
12
Route Panagies Symi
2
2
12
14
Route Prehistory of Symi
2
4
5
9
Route Pelasgian and Ancient Traces of Symi.
3
5
4
9
Table 3. Km of type of path for the trails
Route
Clear Path
Unclear Path
Cobblestone
Trail Panormitis – Ormos Faneromenis
523m
Trail Pedi – beach of Agia Marina
1266m
Trail Pedi – beach of Saint Nicolas
867m
227m
Trail Kotika – Saint Aimilianos
4608m
Trail Nera – Sanit Nicolas
1361m
Trail Symi – Lighthouse Koutsoumpa
3294m
Trail Nera – Ormos Nanou
2415m
The cost of a wooden info kiosk according to
purchase prices, after communication with industry
experts, is 5.000,00€.
Lastly, the road network works are budgeted
according to online research approximately
1.000.000,00€.
2.2 Assumption for the Touristic Increase
Based on information from the police department of
the island, the capacity of the island is met
throughout the tourist season, from May to October,
so it is 100% because the total beds are few and the
demand is high. That means that the hotels are fully
booked.
The assumption that the analysis of investment
for the tourist increase is based, is due to the
proposals the tourists will travel for the routes and
nature activities that will be available. That said the
touristic demand will be higher, and the touristic
period will increase from May-October, to April –
November. To calculate the increase in
accommodation and food and beverages (tourism)
for the two extra months, the capacity of their prior
months will be used. April will be calculated based
on the capacity of May which is 100%, and
November will be calculated based on the capacity
of October which is 100%.
2.2.1 Calculation of Investment based on the
Tourism Increase
Taking a sample of 5 out of the 15 hotels (for the
ones it was possible to extract information online on
the kind of rooms they provide), the total of rooms
is 39, from which 20 are double rooms, 10 are triple
rooms, and 9 quadruple rooms. Based on that,
51,3% corresponds to double, 25,6% to triple, and
23,1% to quadruples.
Assuming that the rest of the hotel units follow
the percentages as they were calculated above, the
total of 252 rooms could be: 129 double rooms, 65
triple rooms, and 58 quadruple rooms.
Based on the above it is possible to calculate the
overall number of people that will be visiting the
island in April and November, assuming that the
capacity is fulfilled 100%. The total number of
people is 685 tourists.
To calculate the input the tourists will have in
those two months firstly it is needed the amount
spent daily by the 685 tourists. A rather mediocre
scenario is that the daily spending of each tourist is
around 35€ (around 20-25€ for food and the rest for
drinks and beverages etc.).
So, the total amount per day is 685X35€= 23.975€
daily.
For April, it is 23975€ X 30 = 719.250€
For November, it is 23975€ X 30 = 719.250€
The total spending is 1.438.500€
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Also, the amount spent on accommodation needs to
be calculated.
Taking a sample of 9 out of 15 hotels (for the
ones it was possible to extract information online on
the daily price), firstly the average price of each
hotel was calculated based on the differentiation of
prices depending on the season, and then the
average of all the averages was taken, which is 125€
per night.
To calculate the input of accommodation, the
average of 125€ per night was multiplied by the
days of April and November, and the number of
rooms.
For April, it is 125€ X 252 X 30 = 945.000€
For November, it is 125€ X 252 X 30 = 945.000€
The total spending on accommodation is
1.890.000€.
The above data will be useful in the input-
output model. Table 4 showcases the sources for
each type of investment.
Table 4. Sources of cost calculations
Type of
Investment
Source of cost calculation
Signs and
wooden
stakes
Cost/budget information from
corresponding contracts between private
sub-contractors and public offices in
Greece and contact with field companies
Cleaning of
routes
Cost/budget information from
corresponding contracts between private
sub-contractors and public offices in
Greece and contact with field companies
Infokiosk
Online research and contact with field
companies
Road
network
works
Information is found on the following
source: https://rb.gy/dkux3.
Touristic
increase
Calculations & assumptions under “ 2.2
Assumption of the touristic increase”
3 Problem Solution
Having collected all the data, the investment of the
proposals and the monetary increase the tourists will
bring, are then distributed to the appropriate
economic activities.
3.1 Selection of Economic Sectors
The approach used is based on the I-O framework
and incorporates the most recent National Input-
Output Table of Greece's economy. I-O models are
widely recognized as the most appropriate
framework for identifying industrial relationships
within an economy, [24].
Each category of proposals was entered in
monetary terms in the input model. To enter the data
in the model, one needs to know the amount of
investment in each economic activity. So, for each
kind of investment category, the relevant economic
activities were identified according to Nace 2. Rev.
In those economic categories the budget of each
category was funneled and distributed accordingly.
The amounts were distributed evenly in most
cases for the convenience of the process.
The input-output model through the regional
tables, estimates the change in GDP and output
value. For this process one needs the amount of
investment per economic activity. In the input-
output model, only the two-digit branches are
entered.
The allocation of the budget for each category is
as follows:
3.1.1 Marking of Routes
The economic sectors that were selected are
showcased in Table 5 as follows:
Table 5. Economic sectors of marking the routes
Marking of Routes (existing and new)
CDA
CD
DSCR
AMOUNT
A
02
Forestry and logging
8.600€
C
20
Production of chemical
substances and products
8.300€
C
24
Production of basic metals
8.300€
C
16
Wood industry and
manufacture of wood and
cork products, except
furniture; manufacture of
basketry and seed weaving
8.600€
G
46
Wholesale trade, except for
the trade of motor vehicles
and motorcycles
16.900€
H
49
Land transport and pipeline
transport
16.900€
H
50
Water transport
16.900€
N
81
Activities of provision of
services in buildings and
outdoor spaces
8.600€
F
43
Specialized construction
activities
16.900€
TOTAL:
110.000€
The signs and stakes are made of wood and the
relevant economic activities which were selected
and concern the production of timber and the
creation of objects are A_02_Forestry and logging
and C_16_Wood industry and manufacture of wood
and cork products, except furniture; manufacture of
basketry and seed weaving.
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Metal signs are made of aluminum. The
economic activity concerning aluminum is
C_24_Production of basic metals, as it includes the
four-digit C_24.42_Production of aluminum
(aluminum). Also, C_20_Production of chemical
substances and products, because it includes the
three digits C_20.3_Production of paints, varnishes,
and similar coatings, printing inks and mastics, an
economic activity related to the coloring of signs.
They are custom-made constructions, so we are
interested in the most primary activities related to
timber and aluminum and we do not choose
economic activities related to the trading of objects.
The appropriate economic activity is wholesale
trade, G_46_Wholesale trade, except for the trade of
motor vehicles and motorcycles.
To reach Symi, they must be transported. Since
Symi is an island, in addition to land transport it
also needs water transport, so the corresponding
economic activities are H_49_Land transport and
pipeline transport and H_50_Water transport.
The economic activity N_81_Activities of
provision of services in buildings and outdoor
spaces specifically concerns the three-digit
N_81.3_Activities of landscape services which aims
to place them in the landscape.
The economic activity F_43_Specialized
construction activities concern the construction of
the sign with the wooden base and aluminum signs,
and specifically the four-digit F_43.99_Other
specialized construction activities n.e.c.
The total budget was allocated equally except
for G46, H49, H50, and F43 which concerns both
the wooden and the metallic signs, so it was
doubled, the rest are referred to either of the two.
3.1.2 Cleaning of Routes
Concerning the cleaning of the already existing
paths in Symi, light cleaning and shaping services
will be used on the clear paths, deeper cleaning and
shaping on the unclear ones, and some repairs on the
cobblestones, as presented in Table 6.
Table 6. Economic sectors of cleaning the routes
Cleaning of Routes (existing)
CDA
CD
DSCR
AMOUNT
E
37
Wastewater treatment
11.600€
N
77
Rental and leasing activities
11.600€
N
81
Service provision activities in
buildings and outdoor areas
11.800€
TOTAL:
35.000€
The economic activity E_37_Wastewater
treatment, due to the deeper cleaning, was chosen.
N_77_Rental and leasing activities, specifically the
four-digit number N_77.31_Rental and leasing of
agricultural machinery and equipment due to the
assumption that deep cleaning will require
equipment, which will be leased to carry out the
tasks.
Cleaning complies with N_81_Service
provision activities in buildings and outdoor areas.
The total budget was allocated equally.
3.1.3 InfoKiosk
Table 7. Economic sectors of info kiosk
Infokiosk
CDA
CD
DSCR
AMOUNT
A
02
Forestry and logging
625€
C
16
Wood industry and
manufacture of wood and
cork products, except
furniture; manufacture of
basketry and seed weaving
625€
C
20
Production of chemical
substances and products
625€
C
24
Production of basic metals
625€
G
46
Wholesale trade, except for
the trade of motor vehicles
and motorcycles
625€
H
49
Land transport and pipeline
transport
625€
H
50
Water transport
625€
F
43
Specialized construction
activities
625€
TOTAL:
5.000€
The wooden infokiosk has 2 parts, the wooden
and the aluminum (Map). Concerning the wooden,
the economic activities that were selected and
concern the production of timber and the creation of
an object are A_02_Forestry and logging,
C_16_Wood industry and manufacture of wood and
cork products, except furniture; manufacture of
basketry and seed weaving.
About the aluminum part of the license plate,
the economic activities selected are
C_24_Production of basic metals, as it includes
aluminum, specifically in the third digit
C_24.42_Production of aluminum (aluminum). In
this case, wholesale trade is chosen, even though it
is one piece, as it is also a custom-made production
and cannot be created by retailers. So the
appropriate economic activity is G_46_Wholesale
trade, except trade in motor vehicles and
motorcycles
For the wooden info kiosk to reach its
installation point, it must be transported. Since Symi
is an island, in addition to land transport, water is
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also needed. The relevant economic activities are
H_49_Land and pipeline transport H_50_Water
transport
The economic activity F_43_Specialized
construction activities concern the construction of
the sign with the wooden base with the information
sign, and specifically the four-digit F_43.99_Other
specialized construction activities, etc.
The total budget was allocated equally, as presented
in Table 7.
3.1.4 Works on the Road Network
Table 8. Economic sectors of road network work
Road network works
CDA
CD
DSCR
AMOUNT
G
46
Wholesale trade, except for
the trade of motor vehicles
and motorcycles
160.000€
H
49
Land transport and pipeline
transport
160.000€
H
50
Water transport
160.000€
N
81
Service provision activities in
buildings and outdoor areas
160.000€
F
42
Civil engineering projects
160.000€
F
43
Specialized construction
activities
200.000€
TOTAL:
1.000.000€
The works must be drafted and scheduled, so
that is why the F_42_Civil engineering projects
were chosen to realize the materials are needed
which are bought wholesale so the economic sector
G_46_Wholesale trade, except trade in motor
vehicles and motorcycles.
The materials must be transported and since
Symi is an island, in addition to land transport,
water is also needed. The relevant economic
activities are H_49_Land and pipeline transport
H_50_Water transport
The economic activity F_43_Specialized
construction activities concern the construction of
the roads and N_81_Service provision activities in
buildings and outdoor areas since it is an outdoor
project.
The total budget was allocated equally, as
presented in Table 8.
3.1.5 Increase in Tourism
Regarding tourism, the sectors affected are I -
accommodation and I - services activities, based on
the calculation mentioned above, the numbers are
allocated accordingly, as shown in Table 9.
Table 9. Economic sectors of increase in tourism
Increase of tourism
CDA
CD
DSCR
AMOUNT
I
55
Wastewater treatment
1.890.000€
I
56
Rental and leasing activities
1.438.000€
TOTAL:
3.328.000€
3.2 Input-output Results
The data of the overall table, shown in Table 10, are
then inserted in the regional EUREGIO input-output
model at the region of South Aegean, where Symi
belongs, and data were obtained about the change in
GDP and the contribution in terms of output value,
both regionally and nationally.
Table 10. Overall economic sectors
TOTAL
CDA
CD
DSCR
AMOUNT
I
55
Wastewater treatment
1.890.000€
I
56
Rental and leasing activities
1.438.000€
A
02
Forestry and logging
9.225€
C
20
Production of chemical
substances and products
8925€
C
24
Production of basic metals
8.925€
C
16
Wood industry and
manufacture of wood and
cork products, except
furniture; manufacture of
basketry and seed weaving
9.225€
G
46
Wholesale trade, except for
the trade of motor vehicles
and motorcycles
177.525€
H
49
Land transport and pipeline
transport
177.525€
H
50
Water transport
177.525€
N
81
Activities of provision of
services in buildings and
outdoor spaces
180.400€
F
43
Specialized construction
activities
217.525€
Ε
37
Wastewater treatment
11.600€
Ν
77
Rental and leasing activities
11.600€
F
42
Civil engineering projects
160.000€
TOTAL:
4.478.000€
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3.2.1 Production Value Results in the South
Aegean
According to Figure 1 "Multiplier effects in the
South Aegean Region in terms of production value",
the direct effect of all investments in Symi resulted
in an effect on the value of production of products
and services of almost €4.478.000 million in the
South Aegean Region. The indirect effect reached
€1.151.00 million and total direct and indirect
results reached €5.629.100 million.
Fig. 1: Multiplier effects in the South Aegean
Region in terms of production value
The economic activities to which the project
budget was channeled were directly affected, while
indirectly the economic activities that are
interdependent with the direct ones were therefore
affected due to the investments.
This means that the set of sustainable
development proposals that focused on the cultural
and environmental reserve of Symi, with a total
investment of €4.478.000 million, had the effect of
offering the economy in terms of production value a
total of €5.629.00 million in the South Aegean.
Multiplicatively, the value created in production
is greater.
3.2.2 Production Value Results in the Greek
Economy
The projects do not only affect the region in which
they are carried out but also affect the national
economy of the entire country.
According to Figure 2 "Multiplier effects in the
Greek Economy in terms of production value ", the
total effect on the production value of products and
services is €6.312.600 million.
The direct effects always refer to the impact on
the South Aegean region, as the projects were
carried out there so the direct effects are reflected
only in this region. So, whether at the national or
regional level, the number is the same and
essentially only concerns the South Aegean Region.
Fig. 2: Multiplier effects in the Greek Economy in
terms of production value
However, the indirect ones amount to
€1.834.600 million. If the indirect effects related to
the South Aegean Region are removed, as stated in
the Table Multiplicative effects of the project in the
South Aegean Region", which are 1.151.000 million
€. There remain the indirect effects in the rest of
Greece which are equal to €683,6 thousand. This
means that to carry out the promotion proposals,
structurally in areas in the rest of Greece (except the
South Aegean region) the production value was
affected by €683,6 thousand.
3.2.3 GDP Results in the South Aegean
Through the sustainable development proposals, and
their implementation in Symi, a change in GDP is
caused in the South Aegean. So the branches of
economic activity that were directly related to the
projects, will contribute directly to the region's GDP
(€2.198.200 million).
The indirect effect amounts to €495,5 thousand
and concerns the connections with the rest of the
sectors of the project economy.
Fig. 3: Multiplier effects in the South Aegean in
terms of GDP
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However, the overall economic impact is even
greater. The total contribution of the projects to the
total GDP of the South Aegean is almost €2.693.700
million, as presented in Figure 3.
3.2.4 GDP Results in the Greek Economy
According to the graph " Multiplier effects in the
Greek economy in terms of GDP ", the direct impact
of all investments in Symi resulted in an impact on
the GDP of €2.198.200 million in Greece. The
indirect effect reached €750,00 thousand and in total
the direct and indirect results reached €2.948.200
million, as presented in Figure 4.
Fig. 4: Multiplier effects on the Greek economy in
terms of GDP
The direct effects always refer to the impact on
the South Aegean region, as the projects were
carried out there so the direct effects are reflected
only in this region. So, whether at the national or
regional level, the number is the same and
essentially only concerns the South Aegean Region.
However, the indirect amount results in €750,00
thousand. If the indirect effects of the South Aegean
which are 495,5 thousand € are removed, the
indirect effects in the rest of Greece remain which
are equal to 254,5 thousand €. This means that to
carry out the proposals and the increase in tourism
due to that, in regions in the rest of Greece (except
the South Aegean region), the GDP changed by
254,5 thousand €.
Therefore, the total of direct and indirect effects
in Greece leading to a change in GDP is €2.948.200
million.
4 Conclusion
In conclusion, the input-output analysis is a very
useful tool for evaluating the economic dimensions
of investments. It is detailed and captures in
complexity the impact of investments, productive
interdependencies, how the local economy is
impacted, and ultimately how it affects economic
measures nationally.
Investments concerning the cultural and
environmental stock of isolated areas appear to
affect GDP and production value indicators to a
large extent. The regions that are affected go beyond
the limits of the investment region and this implies
interdependence of economic activities throughout
Greece and thus the results of the Greek economy.
Sustainable development proposals that use
already existing resources, wanting to stimulate the
local economy, creating infrastructure and solutions
for tourism, but without exceeding the carrying
capacity of the regions are achievable and have
positive economic results.
By raising the touristic period due to the
environmental investments and activities available
for the tourists there is a high rise of income that
positively affects the regional economy and
employment.
The limitation of this paper related to the Input-
Output model is that some assumptions need to be
made for the system to work. Also, the model itself
did not take into consideration the employment in
the area, so it was not possible to know the increase
in employment.
In the future and once the investments are made,
it will be possible to further improve this research
and compare the real numbers, the real impact, with
the forecast that has been made. Moreover,
regarding the forecast an improvement could be as
well to examine different scenarios, with different
budgeting allocations to economic sectors, and
compare between them the results.
Acknowledgment:
The authors thank Dimitrios Stamopoulos, Ph.D.
candidate of the Laboratory of Industrial and Energy
Economics at the National Technical University of
Athens, for his contribution in the input-output
modeling exercise.
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Antonia Moropoulou
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Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
- Ioanna Mikrou, Data curation, Investigation,
Visualization, Writing
- Petros Dimas, Data curation, Formal Analysis,
Methodology
- Georgia Skoulaki, Data curation, Formal Analysis
- Vythoulka Anastasia, Resources
- Fafouti Aspasia, Resources
- Ekaterini Delegkou, Resources, Supervision
- Aggelos Tsakanikas, Formal Analysis,
Methodology, Software, Supervision
- Antonia Moropoulou, Conceptualization,
Methodology, Supervision
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
This research has been co-financed by the European
Regional Development Fund of the European Union
and Greek national funds through the Operational
Program Competitiveness, Entrepreneurship and
Innovation, under the call RESEARCH – CREATE
– INNOVATE (project code: T2EDK-01278)
Conflict of Interest
The authors have no conflicts of interest to declare.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.en
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