Tourism revenues at US$ 4.7bn in 2025
Based on NBG’s estimate, tourism revenues increased by 9.2% y/y to US$ 1.1bn in 4Q25. Overall, in 2025, tourism revenues reached US$ 4.7bn (+6.0% y/y), slightly above our preliminary estimate.
For 2026, we forecast tourism revenues at US$ 5.0bn, revised upwards from previous estimate of US$ 4.9bn.
Goods exports at record US$ 7.3bn in 2025
In Dec-25, goods exports increased markedly by 22.5% y/y to US$ 673.2mn, after a 44.2% y/y surge in previous month. Goods imports also rose by 8.5% y/y to a record monthly high of US$ 1.8bn, after a modest 0.5% y/y increase in previous month. Consequently, the trade deficit widened by 1.9% y/y to US$ 1.2bn in Dec-25.
The top 5 exported commodities were cars (-7.4% y/y), precious metals (+57.6% y/y), petroleum (+92.1% y/y), spirits (+43.0% y/y) and nuts (+58.8% y/y) in Dec-25. A 10.9% of exports were directed to the EU (+16.3% y/y), 61.1% to the CIS (+7.0% y/y) and 27.9% to other countries (+85.4% y/y).
The top 5 imports were cars (-17.9% y/y), petroleum (+10.7% y/y), gases (+3.6% y/y), pharmaceuticals (+24.6% y/y) and phones (+11.9% y/y) in Dec-25.
Overall, in 2025, the trade deficit rose by 8.8% y/y to US$ 11.2bn, driven by a 11.2% y/y increase in exports, which reached a record high of US$ 7.3bn, while imports grew by 9.7% y/y, totaling a record US$ 18.5bn.
Producer price index increased by 6.1% y/y in Dec-25
Annual PPI for industrial goods increased by 6.1% in Dec-25, broadly unchanged from the previous month. The annual growth was mainly driven by an increase in prices in the manufacturing (+4.8% y/y), followed by mining (+22.4% y/y) and electricity supply (+7.6% y/y) sectors.
