Factsheet Economic ties between Greece and Germany: latest data and trends Germany is one of Greece’s top trading partners. It remains in the top three for bilateral trade, FDI and the key sector of tourism, despite recent disruptions brought about by inflation and geopolitics. Across the range of established economic ties, activity quickly returned to pre-pandemic levels. Looking ahead, new opportunities are presenting themselves as Europe acts to bolster energy security and speed up decarbonisation of the economy. Furthermore, moving on from the era of state divestments ushered in by successive bailouts, economic relations are maturing. German investments are directed increasingly towards joint ventures and greenfield projects, while Greek businesses are becoming more active in Germany. This trend is illustrated by a number of recent deals and proposals BILATERAL TRADE Trade in goods between Greece and Germany has been growing steadily since 2014, rising to pre-crisis levels in 2022, when it totalled just over 12 billion euros, compared with the previous high of 10.4 billion euros in 2007. The years of the economic crisis saw a contraction of the goods trade deficit caused by a sharp reduction in imports. This has proven to be temporary, however, and the deficit has increased again, albeit to a slightly lower level. Greek exports to Germany totalled a record 3.4 billion euros in 2022, while German imports to Greece came to 8.3 billion euros, yielding a trade deficit in goods of 4.9 billion. This compares with a 5.7 billion euro deficit in 2007. In 2022, Germany ranked as the third largest market for Greek goods, representing 6.5 per cent of total exports by value, and the second largest exporter to Greece, accounting for 9.2 per cent of imports. Previously, Germany had ranked second as a destination for Greek goods and first as a source of imports. BILATERAL TRADE IN GOODS BETWEEN GREECE AND GERMANY(MILLION EUROS) 4,000 2,000 0 -2,000 -4,000 -6,000 -8,000 -10,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Source: Eurostat. Exports Imports Balance