While Greece’s maritime sector still accounts for roughly 7 percent of its economic output, Stournaras dismissed suggestions that shipping — let alone Russia-related shipping — underpins the country’s growth.
“It’s not like in the past. It is not only tourism and shipping,” 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’ support for Ukraine.
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.
“After 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,” he said. “The trajectory clearly diverges from Greece’s overall growth performance.”
Stournaras pointed to the massive expansion of its pharmaceutical sector as evidence of Greece’s diversifying economy. The sector provides some 10 percent of Europe’s drugs.
In the past, MEPs have called on Mitsotakis to crack down harder on Greek shipowners who have made billions from selling older tankers to Russian companies that help move contraband oil.