Greece

• Official languages: Greek.
• Geographical location: it is a country located in Southern and Southeast Europe. Situated on the southern tip of the Balkan Peninsula, it shares land borders with Albania to the northwest, the Republic of Macedonia and Bulgaria to the north, and Turkey to the northeast. 
• Administrative divisions: Greece consists of thirteen regions subdivided into a total of 325 municipalities. Seven decentralised administrations group one to three regions for administrative purposes on a regional basis. There is also one autonomous area, Mount Athos, which borders the region of Central Macedonia.
• Capital: Athens.
• Governance: Greece is a unitary parliamentary republic. The nominal head of state is the President of the Republic, who is elected by the Parliament for a five-year term. According to the Constitution, executive power is exercised by the President of the Republic and the Government. From the Constitutional amendment of 1986 the President's duties were curtailed to a significant extent, and they are now largely ceremonial; most political power thus lies in the hands of the Prime Minister. The President of the Republic formally appoints the Prime Minister and, on his recommendation, appoints and dismisses the other members of the Cabinet. Legislative powers are exercised by a 300-member elective unicameral Parliament.
• Population: 11.1 million.
• Currency: Euro.
• GDP: 182,83 billion euro 
• Time zone: GMT +2. 
• Telephone code: +30.
• Barcode: 520 — 521.

Trade and economic cooperation between Belarus and Greece

In 2017, the Greek economy was affected by the austerity measures taken by the government.

The country coped with a seven-year crisis. As of year-end 2017, Greece's GDP increased by 1.4% to €187.1 billion for the first time in a long period. The main growth drivers were government expenditures and growing exports.

At the end of 2017 country's exports increased by 13.2%, imports — by 13.7%. The share of the third countries (except for the EU countries) in Greece's total exports is 47.2%, and in Greece's total imports — 48% respectively. According to the foreign trade data, a balance is struck in trade with the EU countries and the third ones.

Greece's most valuable products, imported from the non-EU countries:

• Processed petroleum oils;
• Petroleum gases;
• Medicaments;
• Fertilizers;
• Wood and articles thereof;
• Plastics and articles thereof;
• Organic chemicals;
• Vehicles;
• Paper and paperboard;
• Footwear;
• Furniture;
• Polymers; 
• Articles of iron or steel;
• Optic apparatus;
• Rubber and articles thereof.

Greece is not the main trade partner of Belarus. However, imports prevail significantly in trade with this country. Belarus supplies a small range of goods to Greece (mainly potassic fertilizers — 66.6%).

Dynamics of trade between Belarus and Greece (in million U.S. dollars)

In 2017, trade turnover between the countries increased by 132.4% to $43.36 million as compared to 2016, Belarusian exports — by 346.2% to $2.37 million, Greek exports — by 128.2% to $43.99 million. The trade balance was negative and amounted to $41.62 million (-$34.32 million in 2016). 

Belarus's most valuable products, imported by Greece:

• Potassic fertilizers;
• Plywood;
• Nettings knotted of twine, cordage and rope;
• Women's clothing of textile materials;
• Furniture and parts thereof;
• Electric accumulators;
• Toys and puzzles;
• Other articles of plastics;
• Anti-knock preparations;
• Oxidation retarders;
• Gum inhibitors;
• Viscosity improvers;
• Tractors, semi-tractors and etc.

In 2017, Belarus supplied goods of 64 commodity headings (42 in 2016) (4-digit HS Code), including 37 new commodity ones.

In 2017, trade in services decreased by 41.1% to $12.05 million as compared to 2016, Belarusian exports — by 28.6% to $8.6 million, Greek exports — by 58.9% to $3.45 million.

Belarus's most valuable export services:

• travel services;
• IT services.

In 2017, Greece invested $0.46 million in Belarus (4.8 times growth as compared to 2016), direct investment amounted to $0.39 million (20.9 times growth). The outflow of foreign direct investment on a net basis was $0.14 million.

This article has been prepared on the basis of information provided by the National Centre for Marketing and Price Study of the Ministry of Foreign Affairs, and the Embassy of the Republic of Belarus in the Republic of Bulgaria, and taken from public sources. The information presented herein is for informative purposes only. In this regard, it may be useful for the companies, which have been working in Greece for a long time, as well as for those, which are going to enter this market. Any questions, feedbacks and comments concerning this article are welcome. All of them will be fully considered and taken into account, if possible. If you have any information that may be interesting and useful for the visitors of this page, please write to us.

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