Greek exports

to set a new record

in 2021

 

Greek exports are maintaining the upward momentum they developed after the lifting of restrictive measures and the gradual return of the global economy to normality, with analysts pointing to clear signs of a new record rise in 2021 and exporters “seeing” that the increase may even exceed 10%.

According to new data from the National Bank’s analysis department, a revision of the country’s growth rate to 7.5% from 5.7% for 2021 is inferred, while according to ELSTAT data, Greek exports are heading for a new record in 2021. It is indicative that the analysis of ELSTAT data by the Panhellenic Exporters Association shows that exports, in total, between January and July, increased by 4.38 billion euros or 24.7% to 22.12 billion euros from 17.73 billion euros. Even if petroleum products are excluded, and despite the pandemic and its effects, exports for the seven months January – July are moving upwards compared to 2020, at 16.41 billion euros from 13.89 billion euros, an increase of 2.52 billion euros or 18.1%.

At this point, however, analysts add a concern about the trade deficit.

As reported by the PSI, the trade deficit between January and July 2021 increased by 1.81 billion euros or by 17.1%, and stood at 12.39 billion euros from 10.58 billion euros in the same period in 2020. In fact, it is noted that even if we subtract the export figures for oil products from the data, the trade deficit appears to have increased to 10.16 billion euros from 8.79 billion euros, i.e. increased by 1.36 billion euros or by 15.5%.

However, if we look at exports of goods, at constant prices, it appears that in the second quarter they accelerated further, reaching 17.1% per annum, and indeed, even if fuel is excluded, their performance is characterized as an outperformance that led them to a new all-time high as a percentage of GDP. Specifically, exports of goods, it appears that they reached 14.5% of GDP.

As for exports of services, these too increased by 28.8% per annum due to the rapid recovery of tourism, which started from a very low base.

In a comment to APE-MPA, the president of the Panhellenic Exporters Association, Christina Sakellaridi, said there is optimism for the economy and added that it is possible for exports to increase further by 8% to 10%, given that both geopolitical developments and the pandemic will not bring dramatic changes to the economy. He noted that investment, particularly in the tourism sector and the growth in tourism, is boosting the sense of optimism.

 

Source : Naftika Chronika