The export trade in Thessaloniki has shown consistently high performance in recent years, as reported by the Hellenic Statistical Authority and the Institute of Export Research and Studies of the Exporters' Association. In 2023, the exports of Central Macedonia reached €7.9 billion, with €5.6 billion attributed to companies in Thessaloniki. Oil products topped the list of Thessaloniki's exports, amounting to €1.77 billion in 2023. The main importing countries for Thessaloniki's products include North Macedonia, Bulgaria, Germany, Turkey, and Cyprus. Despite the upward trajectory in exports, the trade balance remains negative, with imports in Thessaloniki reaching €9.12 billion in 2023.
According to the Quarterly Report (March 2025) of the Budget Office of the State to the Parliament, the Greek economy is experiencing a stable economic and political environment. In the fourth quarter of 2024, there was a positive dynamic in macroeconomic and fiscal aggregates, driven by investments, productivity growth, and accelerated structural reforms. The Greek economy recorded a growth rate of 2.3% in 2024, which is more than double the average of the Eurozone, with a notable increase of 2.6% in the fourth quarter compared to the same period in 2023.
The increase in exports of goods and services was significant, totaling 3.6% (with a 5.9% rise in services and a 1.6% increase in goods), alongside a 9.0% rise in capital expenditures. However, private consumption saw a slight slowdown, with a growth rate of 0.8% in the fourth quarter of 2024, while maintaining a positive trajectory with an annual growth of 2.1%. A negative impact on growth was noted from a 3.4% decrease in public consumption and a 2.4% increase in imports of goods and services.
The upgrade of Greece's credit rating to investment grade by Moody's, following upgrades from Scope and DBRS, marks another step toward improving the financing conditions of the Greek economy. This development enhances the country's credibility in international markets, facilitating investment flow and creating a positive environment for economic activity. Despite these positive performances, the report highlights a deterioration in the current account balance in 2024, emphasizing the urgent need to support high-value-added export sectors and further strengthen reforms.
On a global scale, the economy faces increased uncertainties due to tensions in trade relations between the U.S., EU, and China, as well as geopolitical tensions. Protective policies and tariffs threaten international trade, while disruptions in supply chains heighten inflationary pressures. In this context, the European Council has agreed to enhance the EU's defense autonomy by approving a defense spending package of €800 billion for the next four years, partially financed through European borrowing of €150 billion from the SAFE tool.
Additionally, a historic agreement in the German Parliament to relax the debt brake signifies a significant fiscal expansion of €500 billion, with potential positive effects on both the European and Greek economies. The GPC report also highlights the potential impacts of the new tariff policy from the U.S. on Greek steel and aluminum exports. Drawing from previous experiences with a 25% tariff on steel and 10% on aluminum in 2018, it notes that Greek steel and iron exports to the U.S. were negatively affected, while aluminum exports remained unaffected.
Furthermore, the new tariff policy could also impact Greek exports of intermediate goods to the EU-27, which are used for producing final products exported from the EU to the U.S. Lastly, the report examines the trend of tax receivables towards the Tax Administration, which decreased to 0.8% in 2024, the lowest level since 2000, reflecting the improved collection capacity of the tax mechanism. Meanwhile, the total outstanding debts to the State amounted to €106.3 billion, showing a 7% decrease year-on-year. This reduction is linked to the continuous improvement in collectability, especially after 2015, despite the pandemic's impact in 2020.
Overall, the GPC report indicates the sustained developmental dynamics of the Greek economy, despite international challenges. The rapid reduction of public debt, combined with attracting investments and enhancing competitiveness, remains a critical priority for the sustainable economic growth of the country.
The support for the export activity of micro and small enterprises was a key topic during a meeting held by the General Confederation of Professionals, Craftsmen and Merchants of Greece with Deputy Minister of Foreign Affairs Tassos Chatzivasileiou, who is responsible for Economic Diplomacy and Extroversion. President of GSEVEE, George Kavvathas, along with Vice President Sotiris Kotsampas and Secretary General Dimitris Vargiamis, discussed the Ministry of Foreign Affairs' initiatives to enhance extroversion and support Greek export activity.
The representatives of GSEVEE extensively addressed the issues faced by micro and small businesses, including the lack of liquidity and access to financial instruments that would help them remain competitive and grow in the export sector. This meeting underscores the ongoing efforts to bolster the export capabilities of smaller enterprises, which play a vital role in the overall economic landscape of Greece.
