Exports have not increased; it’s GDP that has shrunk


Greek exports remain below their 2008 level in absolute figures, reflecting the country’s difficulty in completing its transition to a new competitive growth model, according to a study by Eurobank.

The study on exports and competitiveness, presented in Crete this week in the context of the lender’s “Go International” initiative, showed that the recovery of exports up to 3 percent of gross domestic product after 2010 is not due to the strengthening of exports but because of the weakening of GDP.

Fellow bailout countries in the eurozone have recorded increases from 20 to 77 percent since 2010.

Eurobank stressed in its report that a significant effort should be made and major reforms implemented toward strengthening the economy’s export character so that Greece can successfully transition to a sustainable economic model.