Tourism revenues at US$ 3.6bn in 9M25
Based on NBG’s estimate, tourism revenues increased by 6.6% y/y to US$ 1.7bn in 3Q25. Overall, in January-September 2025, tourism revenues reached US$ 3.6bn (+5.1% y/y).
Considering 9M actual data, we now forecast tourism revenues at US$ 4.6bn for the full year 2025, revised upwards from previous estimate of US$ 4.5bn.
Goods exports increased by 14.2% y/y in Sep-25
In Sep-25, goods exports increased by 14.2% y/y to a record monthly high of US$ 703.2mn, reversing a 5.9% y/y decline in previous month. Goods imports reduced slightly by 0.3% y/y to US$ 1.4bn, following a 3.4% y/y drop in previous month. Consequently, the trade deficit narrowed by 11.0% y/y to US$ 737.3mn in Sep-25.
The top 5 exported commodities were cars (-3.1% y/y), precious metals (+69.2% y/y), spirits (+22.8% y/y), nuts (+62.0% y/y) and wine (+35.6% y/y) in Sep-25. A 15.2% of exports were directed to the EU (+122.7% y/y), 69.0% to the CIS (+4.2% y/y) and 15.8% to other countries (+8.7% y/y).
The top 5 imports were cars (-30.9% y/y), petroleum (+24.5% y/y), pharmaceuticals (+26.7% y/y), phones (+9.1% y/y) and engines (+US$ 24.2mn y/y) in Sep-25.
Overall, in 9M25, the trade deficit widened by 11.0% y/y to US$ 8.2bn, as exports grew by 7.7% y/y to US$ 5.2bn and imports were up by 9.7% y/y, reaching US$ 13.4bn.
Producer price index increased by 4.4% y/y in Sep-25
Annual PPI for industrial goods increased by 4.4% in Sep-25, after a 3.8% y/y rise in previous month. The annual growth was mainly driven by an increase in prices in the manufacturing (+2.6% y/y), followed by electricity supply (+11.6% y/y) and mining (+7.9% y/y) sectors.
