Tourism revenues fully recovered in 2022 vs pre-pandemic 2019
In Dec-22, tourism revenues recovered at 167.3% of Dec-19 level amounting to US$ 363.3mn (+188.2% y/y), according to the NBG. Overall, tourism revenues reached US$ 3.5bn in 2022 (+182.5% y/y, 107.6% of 2019 level).
Money transfers at another record high in Dec-22
Money transfers increased by 133.2% y/y to all-time high US$ 535.3mn in Dec-22, according to NBG, after a 151.4% y/y growth in previous month. From major remitting countries, money transfers increased from Russia (+699.2% y/y, accounting for 59.3% of total, part of these funds related to migration), followed by Italy (+14.0% y/y, 8.1% of total), USA (+28.7% y/y, 6.4% of total), Greece (+0.9% y/y, 3.9% of total), Israel (+7.9% y/y, 3.6% of total) and Germany (+46.6% y/y, 3.2% of total). Meanwhile, transfers reduced from Kazakhstan (-3.6% y/y, 2.4% of total). Overall, in 2022 remittances increased by 86.1% y/y to US$ 4.4bn.
Goods trade accelerated in Dec-22
In Dec-22, exports growth accelerated, up by 32.5% y/y to a record high US$ 555.8mn, after a 14.1% y/y growth in previous month. Imports growth also accelerated, up by 31.2% y/y and reached a record high US$ 1.4bn in December, after growing by 22.2% y/y in November. As a result, the trade deficit, increased by 30.3% y/y to US$ 822.6mn, after a 27.9% y/y growth in November.
The top 5 exported commodities were cars (+262.1% y/y), copper (+39.8% y/y), fertilizers (+47.9% y/y), wine (-12.5% y/y) and spirits (-6.1% y/y) in Dec-22. A 11.5% of exports were directed to the EU (-13.7% y/y), 58.0% to the CIS (+63.4% y/y) and 30.5% to other countries (+14.4% y/y).
The top 5 imports were cars (+51.8% y/y), petroleum (+18.8% y/y), gases (+52.5% y/y), telephones (+119.7% y/y) and copper (-26.4% y/y) in Dec-22.
Overall, in 2022, trade deficit was up by 34.1% y/y to US$ 7.9bn, as exports increased by 31.8% y/y to US$ 5.6bn, while imports were up by 33.2% y/y to US$ 13.5bn. The wider goods trade deficit was largely offset by tourism revenues and remittances, improving the current account balance in 2022.
Producer price index at 6-year low in Dec-22
Annual PPI for industrial goods reduced significantly to 0.1% in Dec-22 (the lowest level since Nov-16), after a 3.6% growth in previous month. Price changes in manufacturing (+1.9% y/y) and mining (-14.2% y/y) contributed most to the overall index change in December.
