Shipping to add 0.6 pct to Greek GDP


A weekly report by Greece’s Alpha Bank estimates revenues from shipping will add 0.6 pct to Greek GDP in 2014. Analysts say that with regard to revenue from international freight, during the first six months of 2014 a 7.8 pct increase was recorded. Compared to a 14.8 pct drop in the same period in 2013, this is a significant improvement.

Income from shipping will amount to 8.5 pct of GDP overall in 2014 while a significant drop in payments made abroad is also expected. As a result, the surplus from international transport will increase significantly – as much as +19.5 pct in the first half of 2014.

Should the trend continue in the second half of the year, international freight will boost Greek GDP by as much as 0,6 pct, almost as much as tourism contributes to the economy in terms of direct revenues.

Based on estimates by Alpha Bank, more than 13 billion euros will be added to Greek GDP from the shipping industry up from almost 12 billion euros in 2013.

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