World Economy

Greek Exports Decline

Greek Exports DeclineGreek Exports Decline

Greece’s trade deficit reportedly increased by 2.8% to €9.53 billion ($10.56 billion) during the first half of the year, Tovima reported. The capital controls that were introduced in the summer of 2016 have had a major impact on Greek exports, as evident by the latest figures. A report in the daily newspaper Ta Nea reveals that during the first half of the 2016, the value of exports dropped to €11.97 billion, compared to €13.02 billion during the same period in 2015, amounting to an 8.6% drop. Indicatively, the value of exports in June 2016 was estimated to be €2.1 billion, or 6.6% down compared to 2015, when it was €2.24 billion. Excluding oil products the drop is about 4.5%. Imports however have also taken a hit, dropping by 3.5% to €22.3 billion during the first half of the year. As a result, the trade deficit increased by 2.8% to €9.53 billion.