Export growth showing signs of fatigue

Greek exports are showing signs of fatigue as external factors such as developments in Cyprus and domestic hurdles including cash flow problems are obstructing the activities of local exporting enterprises.

At a general meeting of the Panhellenic Exporters’ Association on Wednesday its president, Christina Sakellaridi, expressed fear that the momentum gained in the 2009-12 period, when exports (not including oil products) enjoyed a 30.56 percent surge of growth, may be lost, as March data showed a significant 7.8 percent year-on-year decline.

“The strength of the country’s exporters is wearing thin. It is imperative that liquidity is enforced from this year, along with the creation of conditions for the sustainability even of the most dynamic enterprises in the sector.

“If this doesn’t happen, pressure on exports will grow, their positive impact on the economy will evaporate, thousands of jobs will be lost and the country will risk not just a prolonged recession but also a social explosion,” Sakellaridi warned.

After exports posted annual growth of 5.1 percent last year, 2013 is projected to show growth slowing down to 3 percent.