Exports lost steam this spring

For the first time since 2009, Greek exports posted a decline in turnover for two months in succession, in April and May, which is being attributed to the uncertainty generated by the recent general election.

Hellenic Statistical Authority (ELSTAT) estimates put the total value of exports — not including oil products — at 1.382 billion euros, against 1.394 billion euros a month earlier, i.e. an annual decline of 0.8 percent. In April, ELSTAT estimates had shown an annual drop of 0.3 percent in exports.

The Exporters? Association of Northern Greece (SEVE) notes that the annual rate of growth has declined considerably in the last few months, as in the year to May it amounted to no more than 3.1 percent, against a rise of 17 percent in the same period last year.

Imports are also showing a drop, but somewhat smaller than in previous months: ELSTAT estimates imports — not including oil products — to have amounted to 2.68 billion euros in May, down from 2.76 billion in the same month last year, posting a 3 percent fall.

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