ECONOMY

Value of Greek exports rises in 2011

The value of Greek exports in 2011 increased by 37 percent compared to the year before, Skai reported on Tuesday.

The figure was sensibly higher than the European Union average which stood at 11.3 percent.

Greece’s exports for 2011 valued at 22.4 billion euros, amounting to 10.4 percent of gross domestic product (GDP), compared to 7.2 percent in 2010, the report said.

Fellow EU members topped the chart of the debt-hit country’s export destinations — a fact which is expected to have a negative effect on Greek exports this year.

Greece’s main exports were fruit, vegetables and fish.

The Foundation for Economic and Industrial Research (IOBE) on Monday projected the economy would contract by 5 percent this year, casting a cloud over government efforts to meet fiscal targets set by the EU and the IMF.