Source: GreekNewsAgenda
Greece recorded its first negative inflation rate in 45 years in March 2013, according to data released by the Hellenic Statistics Authority on April 9.
The consumer price index fell to -0.2%, from 0.1% in February, reaching thus its lowest reading since 1968.
Deflation came despite a 26.9% increase in heating oil prices and a 12.3% increase in electricity rates, while medicines recorded the biggest drop, averaging at 14.6%.
The deflation process is expected to continue for the remainder of the year, with inflation seen coming in at zero at the end of 2013.
Revised data on Greek international commercial transactions, including petroleum products, from 2004 to 2012 released by the Hellenic Statistical Authority (ELSTAT) on March 28, show an unprecedented increase in Greek exports since 2004.
In particular, exports have increased by 57% in the period 2009-2012, thus accounting for 13.8% of the GDP in 2012 compared to 7.6% in 2009.
Furthermore, the Panhellenic Exporters Association (PEA) analysis shows a 109.4% increase in exports, a small rise in imports (8.8%) and a significant improvement of the Greek trade balance (-32.7%) compared to 2004. The top three sectors with trade surpluses are: tobacco and beverages, animal and vegetable oils & fats, and raw materials.
It should be noted that the data revision was based on the implementation of an Action Plan, between ELSTAT and Eurostat in order to enhance external trade statistics and harmonize them with EU requirements.
GREEK WORLD MEDIA 