Industry and exports are thriving
Industrial output and exports remain the strong points of the economy, as they continued their rising course in August with growth rates in the double digits. However, the pressure from delays in raw material deliveries and the hikes in energy and shipping costs are already generating problems in production that is certain to affect exports too.
The restarting of the economy, including manufacturing activity, had led to a significant increase in imports, both in volume and in value terms, increasing the trade deficit further.
Hellenic Statistical Authority (ELSTAT) figures showed on Friday that the industrial output index strengthened 10.1% in August from a year earlier, as well as posting 0.7% monthly growth from July 2021.
There was even greater annual growth in exports: In August their value (fuel included) amounted to 2.79 billion euros, up a remarkable 34.6% from August 2020. When fuel is excluded the increase amounts to 23.6%.
Nevertheless imports expanded by an even greater 38.3% year-on-year to €4.99 billion. That has taken the trade deficit (including oil products) to a 43.3% increase, or 32.2% if fuel is excluded.