Greek exports account for more than 10% of GDP, report

Exports account for more than 10 pct of the country’s Gross Domestic Product, or more than 20 billion euros on an annual basis, recording a 13 pct growth rate, the Panhellenic Exporters Federation said on Monday. The Federation, in a report over export trends in the January-August period said that Greek exports grew by 11 pct (18 billion euros) last year, while OECD revised upwards its estimates for a 9.4 pct growth rate, from an initial forecast of 6.0 pct.

Presenting the report, Christina Sakellaridi, president of the Federation said the figures “confirmed the importance and significance of exporting business activity in an effort towards the recovery of the Greek economy”.

Greek exports - excluding oil products - surpassed 20.5 billion euros in the September 2010-August 2011 period, for an increase of 13.3 pct compared with the previous 12-month period. Exports grew 38.6 pct in August compared with the same month last year, to 1.666 billion euros, while excluding oil products, exports grew 0.9 pct to 1.075 billion euros.

The August export figures represent: a 32 pct rise in fuels, oil products, a 42.5 pct increase in confidential products, a 15 pct rise in machinery/transport, a 13 pct increase in industrial products and a 0.08 pct rise in other industrial goods. On the other hand, tobacco/beverage fell 13.4 pct, oils were down 9.0 pct, chemicals fell 6.3 pct, foods were down 3.7 pct and raw materials fell 0.5 pct.

Imports -excluding oil products- totaled 2.349 billion euros in August, up 1.0 pct, but in the 12-month period to August 2011, imports were down 13 pct.

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