Euro drop saw Greek exports soar in March
Exports excluding fuel products recorded an impressive performance in March thanks to the major drop in the euro’s exchange rates. They registered the biggest growth of the last 27 months with their value amounting to 1.633 billion euros, which was 20.7 percent above the figure for March 2014, according to the Hellenic Statistical Authority (ELSTAT).
The euro dropped to the lowest point of the last 12 years in March, which was the eighth consecutive month of year-on-year growth for Greek exports.
Even with the inclusion of fuel products, there was an 8.5 percent increase in exports to 2.35 billion euros. The biggest increase was seen in oil exports, by a staggering 177.6 percent, followed by tobacco exports (up 62.6 percent) and industrial products (26.7 percent).
A few days ago the European Commission revised its 2015 growth estimate for Greek product and service exports from 5.6 percent to 4.1 percent. The Panhellenic Association of Exporters said that a possible loss of 1.5 percentage point from the exports amounts to the loss of half a percentage point for the growth rate of the country’s gross domestic product.