Economic Relations

Greece and Portugal

Economic relations between Greece and Portugal

Bilateral trade relations

The overall value of bilateral trade between Greece and Portugal in 2013 reached the amount of 313.3 million euros, while the bilateral trade balance has been deficitary for Greece in recent years. In 2013, the volume of bilateral goods trade declined by 4.8% compared to 2012, year in which it had recorded an increase of 18%. This is due to the reduction by 10.5% (reaching the amount of 193 million euros) of Greek imports from Portugal. During the same period, Greek exports to Portugal rebounded, increasing by 6.2% (reaching the amount of 121 million euros), which represents an increase above average in the total Portuguese imports from EU countries (+1.46%). The recovery of Greek exports, combined with the decrease in imports from Portugal, led to the reduction of the Greek trade deficit in 2013 by 30%, to 72 million euros.

The exports of Greek products to Portugal include: fresh fish (sea bream and sea bass-26%), plastics (17%), aluminium (10%), tobacco (6%) and copper (4%). The Greek imports from Portugal show greater variation (excluding the fuel sector) and consist mainly of: fossil fuels (40%), chemicals (10%), machinery-equipment (9%), plastics (8%), paper and cardboard (7%), food and beverages (5%), textiles (5%), base metals (3%), etc. (data of 2012).

Investments

Greek entrepreneurial activity in Portugal is limited. There is a small number of individual Greek businessmen operating predominantly in the services sector, particularly in trade and food business. Moreover, the Greek Private Group Fibran works together, in a joint venture with a Portuguese company producing extruded polystyrene at a production plant in the town of Ovar in Central Portugal.

The largest Portuguese investment in Greece has been in the past that of the Portuguese banking group Millenium BCP, until the latter decided to withdraw its operations at the beginning of 2013 and sell Millenium Bank of Greece to the Piraeus Banking Group.  Presently, the Portuguese companies Sonae, Martifer, Petrotec SA and PLM develop their activities in the sectors of construction, services and energy. Additionally, the Portuguese companies Onebiz, Peter Murray and Salsa dispose agencies in the form of franchising.

For more information on bilateral economic and trade relations between Greece and Portugal as well as on the Portuguese economy in general, you may visit the Office for Economic & Commercial Affairs Department portal AGORA (http://www.agora.mfa.gr/en/offices-of-economic-and-commercial-affairs).