Solid recovery sees challenges from monetary policy tightening

BB2

MEDIUM RISK for entreprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Last updated in January 2024.

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GDP USD219.1bn (World ranking 55, World Bank 2022)
Population 10.6mn (World ranking 86, World Bank 2022)
Form of state Parliamentory Republic
Head of government Kyriakos Mitsotakis (Prime Minister)
Next elections 2027, Legislative
  • Solid economic performance and strong recovery from sovereign debt crisis
  • Sound public finances and significant decline debt-to-GDP
  • Large NPLs disposal, down from critical levels
  • Pro-European political stance and government focus on reforms
  • Private sector credit can suffer again as consequences of tighter financial conditions
  • Public debt remains high and will remain above 60% for long time
  • High dependency on tourism both in term of GDP and employment
  • Structural reforms are needed (especially in some areas) to improve competitiveness

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
Italy 10.4%
1
10.0% Russian Federation
Bulgaria 7.7%
2
8.9% Germany
Germany 6.3%
3
8.5% China
Cyprus 5.5%
4
7.3% Iraq
Turkey 4.6%
5
6.3% Italy

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Petroleum, petroleum products and related materials 31.0%
1
23.2% Petroleum, petroleum products and related materials
Non-ferrous metals 6.6%
2
10.7% Gas, natural and manufactured
Vegetables and fruits 5.3%
3
4.4% Medicinal and pharmaceutical products
Medicinal and pharmaceutical products 4.7%
4
3.9% Electrical machinery, apparatus and appliances, n.e.s.
Gas, natural and manufactured 4.7%
5
3.7% Road vehicles
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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