Alpha Bank: Tourism, small-scale manufacturing exports leading econ recovery in Greece

Saturday, 30 September 2017 18:15

Alpha Bank's weekly economic bulletin this week points to tourism and exports of small-scale manufacturing goods as the biggest positive factors in a budding Greek economic recovery,

According to the Greek lender's analysts, beyond the very favorable geopolitical conditions that have boosted Greece's tourism product over recent years, for instance, both sectors have adaptedsince 2009 by proceeding with an "internal devaluation" and a liberalization of their respective labor markets. Both trends have shored up the competitiveness of Greece's tourism sector and its small-scale exports in international markets.

Specifically, exports of goods accounted for 13.9 percent of Greek GDP in 2016, up from 7.5 percent in 2009. Service exports also increased, comprising  14.2 percent of GDP in 2016, up from 11.4 percent of GDP in 2009.

The trend for 2017 is an increase in Greek exports, which were drastically affected over the past two years through the imposition of capital controls in the country.

In the first seven months of 2017, for instance, the export of goods reached 18.3 percent of GDP, while export of services accounted for 16.7 percent of GDP.

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