Greek exports record major decline in May

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 on Friday, 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.”