Oil price drop, capital controls resulted in decline in Greek exports last year

6 February 2016
552 Views

Exports contracted 5.1 percent last year to a total value of 25.8 billion euros, against 27.19 billion euros in 2014, according to Hellenic Statistical Authority (ELSTAT) figures.

The main reason for this decline – besides the capital controls introduced in June – is the drop in global oil rates which has resulted in a decrease in the prices of oil products that Greece exports. When fuel is excluded, the value of Greek exports amounted to 18.28 billion euros, up 8.2 percent year-on-year.

The president of the Panhellenic Exporters Association, Christina Sakellaridi, remarked that if the export growth rate recorded up to June 2015 had continued for the entire year, the country would have enjoyed additional inflows of 2.3 billion euros.

The trade deficit amounted to 17.77 billion euros, against 20.93 billion in 2014, posting a 15.1 percent annual decline. Excluding fuel products, the deficit contracted 7.3 percent from 2014. The share of exported goods in the gross domestic product shrank to 14.5 percent last year from 15.33 percent in 2014, while the export-oriented sectors of the economy (goods exports, tourism, transport, shipping and services) contributed 32.7 percent of GDP.

The signs for the course of exports this year are positive, at least according to the European Commission’s forecasts for the Greek economy issued on Thursday. Brussels has revised upward its estimates regarding growth in exports of products and services from 1.2 percent to 1.9 percent year-on-year, which translates into additional takings of 1.1 billion euros for the economy this year.

You may be interested

Anarchists block roads in downtown Athens & clash with police forces (videos)
GREECE
shares26 views
GREECE
shares26 views

Anarchists block roads in downtown Athens & clash with police forces (videos)

makis - Feb 25, 2020

Clashes took place between anarchists and anti-riot police in the afternoon at Patision, outside the Economic University. A few minutes…

Four romantic Greek destinations for every season
GREECE
shares1550 views
GREECE
shares1550 views

Four romantic Greek destinations for every season

Panos - Feb 25, 2020

Winter in the heart of Epirus? Spring in the mythical land of the Centaurs? Summer on the matchless beaches of…

Dramatic video shows Porsche crashing into barrier
GREECE
shares65 views
GREECE
shares65 views

Dramatic video shows Porsche crashing into barrier

Panos - Feb 25, 2020

A dramatic video shows the moment a Porsche driver loses control of his car, crashing into barriers on a California…

Leave a Comment

Your email address will not be published.