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Greece - EU Economic & Trade Relations

The EU is Greece's most significant trading partner in terms of both goods and services trade, as well as investments. The B3 Directorate monitors, examines, and informs the political leadership on developments in bilateral economic and trade relations with EU member states.

Bilateral trade volume has gradually increased in recent years, while Greek exports are growing at a higher rate compared to imports from the EU, reducing the trade deficit. Nearly half of Greek exports and imports are with EU member states. The main EU member states for Greek products are Italy, Bulgaria, Germany, Cyprus, and Spain. Regarding imports, Germany holds the first position, followed by Italy, the Netherlands, France, and Bulgaria.

The most important export products to the EU include: a) petroleum products with a share of 24.46% of total exports to the EU, primarily directed to Bulgaria, Italy, Cyprus, Spain, and Malta, b) aluminum, with main destinations being Italy, Germany, France, Poland, and Spain, c) pharmaceutical products, mainly exported to Germany, France, Cyprus, Austria, and Italy, d) electrical machinery and equipment for recording and reproducing sound and images, primarily directed to Germany, Cyprus, Italy, Bulgaria, and Poland, e) boilers and machinery, with destinations mainly in Italy, Spain, Cyprus, Romania, and Bulgaria.

The most significant import products from the EU include: a) pharmaceutical products, with a share of 9.23%, supplied mainly by Germany, Belgium, the Netherlands, France, and Italy, b) boilers and machinery, mainly supplied by Germany, Italy, the Netherlands, Belgium, and Poland, c) electrical machinery and equipment for recording and reproducing sound and images from the Netherlands, Germany, Italy, France, and Cyprus, d) vehicles for land transport from Germany, Italy, France, Spain, and Hungary, e) plastics mainly from Italy, Germany, Belgium, Bulgaria, and Spain.

Bilateral trade in services records a surplus for Greece and tends to grow. Revenues mainly come from Germany, France, Italy, the Netherlands, Spain, and Cyprus. Payments are primarily directed to Germany, Malta, Cyprus, Italy, and the Netherlands. A significant part of services is related to tourism. Greece is one of the top destinations for travelers from the EU. In fact, over 60% of total travel comes from EU member states, with Greece receiving more visitors from Germany, France, Italy, Romania, the Netherlands, and Cyprus. Regarding investments, the EU is the main direct investor in the country. In the top six investors, five are EU member states. In terms of flows, Luxembourg holds the first position, followed by Switzerland, Italy, Germany, the Netherlands, and Cyprus. Regarding stocks, Germany ranks first, followed by Luxembourg and the Netherlands among EU member states. Switzerland follows, and then Belgium and Italy.

Net inflows of foreign direct investments by economic activity in Greece in recent years have focused mainly on the tertiary sector, especially in financial and insurance activities, real estate management, and storage and transportation activities.