Greek economy: Stronger signs of improvement

Greek economy: Stronger signs of improvement

The Greek economy is moving upwards, something that is reflected in a series of elements that are being published. It is characteristic that exports continued to rise in March, while imports showed declining trends.

According to the Greek Statistical Authority (ELSTAT), the total value of exports in March amounted to € 2,885.8 million ($ 3,570.6 million) versus € 2,660.1 million ($ 2,850.8 million ) in the same month of 2017, showing an increase in euros of 8.5%. The corresponding change, oil products excluded, was positive by € 149.6 million, i.e. 8% and, oil products and ships excluded, there was a € 143.4 million, or 7.7% change.

The total value of exports during January-March 2018 amounted to € 7,849.3 million ($ 9,680.4 million) against € 6,910.4 million ($ 7,381.8 million) over the same period of 2017, showing an increase of 13.6%. The corresponding change without petroleum products increased by € 641.4 million, or 13.4%, and the corresponding change without oil goods and ships increased by € 654.3 million, or 13.8%.

On the other hand, the total value of imports amounted to € 4,515.4 million ($ 5,553.4 million) versus € 4,778.5 million ($ 5,090.6 million) in March 2017, recording a decline of 5.5% in euros’ worth. The corresponding change without oil products increased by € 12 million, or 0.3%, while the corresponding change without petroleum goods and ships, in March 2018, increased by € 75.0 million, or 2.3%.

In addition, the total value of imports between January and March 2018 amounted to € 13,191.0 million ($ 16,166.5 million) against € 13,419.7 million ($ 14,247.3 million) in the same period in the year 2017, showing a decrease of 1,7%. The corresponding change without oil products decreased by € 331.2 million, or 3.3%, and the corresponding change without petrol products and ships increased by € 722.6 million, or 8.4%.

Improvement of expectations in the industry

The Greek Foundation for Economic and Industrial Research (IOBE) notes in its industry release that in April, there was a marginal improvement in business expectations in the field of industry. This is in line with the recovery of the economic climate in the Greek economy, as there is a rise in individual indicators in almost all business sectors of the economy, but also in consumer confidence. The shaping trend over the last several months is consistent with the pace of growth in the economy, which is gradually recovering in line with strong growth in the international environment…. / IBNA