ECONOMY

Greece’s trade deficit grew in May by 56 percent

greeces-trade-deficit-grew-in-may-by-56-percent

The Greek trade deficit recorded a considerable increase in May, offsetting the benefits from a rise in exports, Hellenic Statistical Authority (ELSTAT) figures showed on Monday.

The trade deficit widened 56 percent from May 2018, reaching 2.18 billion euros from 1.4 billion a year earlier, when fuel products are included. Excluding fuel, the trade deficit shows an annual increase of 25 percent.

In the first five months of the year the deficit (fuel included) reached 9.42 billion euros, against 8.08 billion in January-May 2018, i.e. an increase of 16.5 percent or 1.33 billion euros. Fuel excluded, the five-month trade deficit posted a year-on-year rise of 12.7 percent.

In a statement, the Panhellenic Exporters Association spoke of a “worrying” increase in imports, which in May sayw year-on-year growth of 20.1 percent, while exports inched up just 3 percent.