piraeus bank group

A Closer Look to External Trade – Greece’s Export Performance

Greek trade balance (% GDP) has improved substantially in the last eight years (from 12.6% deficit in 2008 to 0.1% surplus in 2015), correcting one of the long-term macroeconomic imbalances of the Greek economy. However, this improvement was achieved through sharp import contraction taking into account that imports decreased by 36% in 2008-2015 (in current prices), while exports fell over that period marginally by 0.8%.