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HistoryContemporary MacedoniaThe post-war periodEconomy (1949-1960)

Economy (1949-1960)

The transformation of the economy
Industrial development

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The EKO oil refinery
The EKO (formerly Esso-Pappas) oil refinery in the industrial zone of Thessaloniki.

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After the Second World War, Greek-Macedonia, with its deposits of lignite, oil and natural gas, became a major energy source for Greece. Following electrification, the region's industrial output spiralled.

The EKO oil refinery
Industrial zone of Thessaloniki

The Thessaloniki industrial zone became the largest in Greece, attracting large investments from abroad. Electricity power stations were built at Ptolemaida. Naousa was transformed into a centre for textiles, while several light industries (mainly food processing) were set up in central Macedonia.

In Kavala, despite the decline of tobacco trade, the building of a large fertiliser plant, as well as the discovery in the 1970s of oil in the island of Thasos, ensured the expansion of industrial activity. The port of Thessaloniki has played an important role in these developments, as has the city's annual International Trade Fair.

See Also
History - Economy and Society (1914-1923)
The economy in the inter-war period
The transformation of the economy (1960-1994)

Macedonian Heritage
Content courtesy Ekdotike Athenon S.A.