Greek industry and exports show resistance to the crisis

Basic sectors of the Greek economy such as industry and exports are showing resistance to the Covid-19 crisis. Industrial production gradually recovered after a 10 pct drop recorded in April and reached last year’s levels in July. Industrial performance was better compared with the Eurozone where industrial production was down 7.7 pct in July compared with the same month in 2019.

Greek exports began improving from June onwards after a 30 pct plunge recorded in April and May. In July, exports fell 10.1 pct compared with the same month last year, but excluding fuel, exports grew 9.2 pct, evidence of a dynamic trend. Imports fell more during the pandemic crisis and as a result the country’s trade deficit fell by 17.1 pct in July and by 19.5 pct in the January-July period.

These developments, in which support measures announced by the government significantly contributed, eased the impact on the economy by a drop in tourism and other economic sectors such as hospitality.

Finance Minister Christos Staikouras said that based on current data the Greek economy will contract around 8.0 pct this year, but noted that this estimate could change because of the uncertainty over developments with the pandemic