Thursday, March 12, 2015

Earnings deriving from Greek exports totaled €27 billion in 2014, recording a slight decrease (-1.5%) as compared with respective figures in 2013. The best performing export sectors for 2014, as identified by the Greek Exporters Association (PSE), include: oil products (37% of total exports), pharmaceuticals, construction materials (aluminum, marble etc.), foodstuff (fisheries & agricultural products), as well as fur products. The first export destination for Greece is Turkey (12%), while Italy and Germany continue to be the country’s biggest importers in the EU (9% and 7% respectively), followed by Bulgaria (5%) and Cyprus (4%). A total of 45% of all Greek exports are channeled to the European Union. Overall, the Greek trade deficit in 2014 reached €20 billion and slightly increased (5.5%) as compared to the previous year.

The Greek Exporters Association estimates that accumulated surpluses in the balance of payments could drastically contribute to the country’s debt reduction, achieving a 15% debt service ratio (country's export earnings allocated to debt service payments). Finally, the Greek Centre of Planning and Economic Research estimates that Greece’s revenue from all outward looking sectors of the economy (exports/ tourism/ transports) amounted to €55 billion, which accounts for 30% of Greece’s GDP. The European Commission’s 2015 projection speaks of a 5% increase of earnings (€58 billion).