While Greece\u2019s maritime sector still accounts for roughly 7 percent of its economic output, Stournaras dismissed suggestions that shipping\u00a0\u2014 let alone Russia-related shipping \u2014 underpins the country\u2019s growth.<\/p>\n
\u201cIt\u2019s not like in the past. It is not only tourism and shipping,\u201d Stournaras told POLITICO in an interview from his office. He stressed that his government, under the leadership of Prime Minister Kyriakos Mitsotakis, has stood fully behind Brussels\u2019 support for Ukraine.<\/p>\n
The 69-year-old pointed to the volatile demand for maritime services. Receipts show the industry has been far too erratic to underpin Greece’s successful economy, which the Bank of Greece forecasts will grow by 2.1 percent this year.<\/p>\n
\u201cAfter a strong post-pandemic rebound, [receipts] declined by around 13 percent in 2023, remained broadly flat in 2024 and are expected to decline by roughly 15 percent in 2025,\u201d he said. \u201cThe trajectory clearly diverges from Greece\u2019s overall growth performance.\u201d<\/p>\n
Stournaras pointed to the massive expansion of its pharmaceutical sector as evidence of Greece\u2019s diversifying economy. The sector provides some 10 percent of Europe\u2019s drugs.<\/p>\n