Greek Exports Rise to Over 10% of GDP

Exports account for more than 10% of Greece’s Gross Domestic Product (GDP), or more than €20 billion on an annual basis, recording a 13% growth rate, according to the Panhellenic Exporters Association.
In a report over export trends in the January-August period, the Association estimates that Greek exports grew by 11% (€18 billion) last year, while the Organisation for Economic Cο-Operation and Development (OECD) has revised upwards its projections for a 9.4% growth rate, from an initial 6%.
Presenting the report, the Association Chairwoman Christina Sakellaridi said the figures “confirm the importance of exporting business activity in the effort towards the recovery of the Greek economy.”

 Greek exports -excluding oil products- surpassed €20.5 billion in the September 2010-August 2011 period, an increase by 13.3% compared to the previous 12-month period. The August export figures represent a 32% rise in fuels and oil products, a 42.5% increase in confidential products, a 15% rise in machinery/transport, a 13% increase in industrial products.
(GREEK NEWS AGENDA)

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Greek Economy to begin Recovering by end 2009

(GREEK NEWS AGENDA)   The Greek economy will begin recovering by the end of 2009 and will return timely to positive growth rates in 2010, Economy and Finance Minister Yiannis Papathanasiou estimated on Thursday. Addressing a Hellenic Federation of Enterprises Euro-Mediterranean Business Forum in Athens, Papathanasiou said Greece along with Cyprus were the only Eurozone member-states to maintain a slight positive growth rate in the first quarter of 2009. However, he added that following a general phenomenon in the EU, the Greek economy’s slowdown was greater compared with initial forecasts and noted that this trend would continue for the rest of the year with growth rates around zero. This performance, he stressed, although better compared with the EU’s average rate, would be markedly lower from an 1.1 pct growth envisaged in the country’s updated stability and growth program. He expressed optimism that the Greek economy would begin recovering by the end of 2009.  Greece actively participates in all stages of creating a Union for the Mediterranean, focusing on the East Mediterranean region, Papathanasiou stressed. Greece has gained representation in the Union’s secretariat and has submitted specific proposals regarding cooperation in solar energy, water management and creating sea routes with the interconnection of ports in South-eastern Mediterranean, he added. Hellenic Federation of Enterprises: “Bridging the Mediterranean – Athens Business Forum”  Ministry of Economy and Finance: www.mnec.gr; www.investingreece.gov.gr

Greece: Monitoring the Economy

(GREEK NEWS AGENDA)   The newly-established Inter-ministerial Committee on Economic Policy, headed by Prime Minister Kostas Karamanlis, held its first meeting on Friday (9.1.2009). The Committee reviewed the international economic situation and discussed in detail the impact of the global financial crisis on Greece. Speaking to reporters after the two-hour meeting, newly appointed Economy and Finance Minister Yiannis Papathanassiou (in the centre) explained that the committee was set up to render the coordination more effective in order to handle the crisis in the best possible way and constantly monitor the economy so as to adjust policies as required. The committee will periodically examine public finances and will focus on measures to ensure flexibility in adjusting either to what the European Commission calls for or meeting the needs of the local economy.  Kathimerini daily – New minister to scrutinise state of the economy; Greek News Agenda: Inter-ministerial Economic Policy Committee Convenes 

Bank of Greece Annual Report

(GREEK NEWS AGENDA)  Bank of Greece Governor Nicholas Garganas, in his annual report of the economy released yesterday, forecasts continuous growth of the economy at higher rates than the rest of the eurozone, albeit at a slower pace. The country’s 2008 GDP growth forecast is revised downwards at 3.5% from a previous estimate of 3.7% in February. The slow down, as well as the inflation rate expected to rise to 4% this year from 3.4% previously, are inevitable and are due primarily to higher oil prices. The report also attributes these trends to higher pay rises and the presence of cartels in many markets. The Governor said the Central Bank favours mergers and acquisitions in the banking sector and called on banks to improve the quality of their portfolios, and on households to make careful appraisal of their ability to repay loans before borrowing. Garganas also welcomed the recent reform of the social security system. 

Surveying the Greek Economy

Robert McDonald, The Competitiveness of the Greek Economy 2004-2008, Athens News, 2008
Robert McDonald’s book is a comprehensive survey of efforts to modernise its public and private sectors. It records the country’s legislative efforts to harmonise business, labour and education practices with the rest of the European Union and keep up with the globalised marketplace. It draws on interviews with lawmakers, the executive and businesspeople to interpret the effectiveness of those efforts. The survey is broken down into the following chapters: Economic environment, International rankings, Economic policy, Investment promotion, Administrative reform, Public enterprises and entities, Entrepreneurship, Labour, Education, Liberalisation and Privatisation.

Eurostat: Greek economy grew by 3.8 pct in Q3

The Greek economy grew by 3.8 percent in the third quarter of 2007, compared with the same period in 2006, according the Eurostat’s revised figures, released in Brussels on Wednesday. Eurostat initially forecast a 3.6 percent growth rate in the June-September period in 2007.GDP growth was 2.7 pct in the Eurozone (unchanged from earlier estimates),