Greek ex­ports record ma­jor de­cline in May

Kathimerini English - - Front Page - SOTIRIS NIKAS

Ex­ports posted a sig­nif­i­cant de­cline in May, re­flect­ing to a great ex­tent the im­pact of the un­cer­tainty from Athens’s months-long ne­go­ti­a­tions with its cred­i­tors, as well as of the in­dus­trial ac­tion at the ports of Pi­raeus and Thes­sa­loniki.

Ac­cord­ing to Hel­lenic Sta­tis­ti­cal Au­thor­ity (ELSTAT) fig­ures is­sued yes­ter­day, ex­ports con­tracted 12.4 per­cent com­pared with May 2015, amount­ing to 2.02 bil­lion eu­ros. The de­cline came to 6.4 per­cent not in­clud­ing fuel prod­ucts, as ex­ports recorded their first de­cline in the last four months.

“This de­cline, be­sides the gen­eral prob­lems and the con­tin­ued un­cer­tainty in the Greek econ­omy, is partly due to the sit­u­a­tion in the coun­try in re­cent months, as the in­dus­trial ac­tion at the ports of Thes­sa­loniki and Pi­raeus started in May,” noted the Greek In­ter­na­tional Busi­ness As­so­ci­a­tion (SEVE) in a state­ment.

Pan­hel­lenic Ex­porters As­so­ci­a­tion chief Christina Sakel­lar­idi added that “an en­tire year has passed since the cap­i­tal con­trols were im­posed with­out nor­mal­ity hav­ing been re­stored to the mar­ket. The only fa­vor­able im­pact is ex­pected from the re­pay­ment of the state’s dues to pri­vate par­ties, the ac­ti­va­tion of the investment in­cen­tives law, the restora­tion of cheap liq­uid­ity flows to banks, the devel­op­ments con­cern­ing bad loans and pri­va­ti­za­tions, and the at­trac­tion of new in­vest­ments.”

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