Greece is on track to run a trade deficit of $1 billion for the year, according to a new report that is expected to further raise concerns about the country’s economy.
The economic news comes as the country seeks to renegotiate a $1 trillion trade pact with the European Union that Greece signed in March, and is being challenged by a growing chorus of critics who say the deal will damage Greece’s economy and increase taxes and spending.
Greece has said that the trade deficit would be “not sustainable” and that it would seek to reduce it by raising taxes and raising spending on services.
The country’s foreign minister, Ioannis Kasoulides, said last week that the country is “looking for ways” to reduce the trade gap, which he said was “not an appropriate measure” to assess the countrys economy.
But an economic expert who has studied Greece for more than a decade told Reuters on Tuesday that the current deficit is “not a big deal” and it’s likely Greece’s trade surplus will only grow in the coming months.
“This is a very normal situation.
This is normal,” the expert, who spoke on condition of anonymity because he was not authorized to speak on the record, told Reuters.”
The deficit is not a huge deal for Greece.”
The trade gap is estimated to be about $1,100 per metric tonne of Greek exports.
That’s about 15 percent of the country´s exports.
The average price of a metric ton of Greek goods is $20.53, according the International Monetary Fund.
Germans’ concerns about Greece’s economic performance have grown in recent months as the nation struggles with the debt crisis and recession that has devastated the country.
A growing number of Greeks have expressed concerns about their country´S financial situation, with the number of jobless people on the rise.
The latest numbers, released on Monday, showed that unemployment rose to 4.5 percent in July, from 3.8 percent a year earlier.
The trade deficit widened by $1 million last month to $2.2 billion.
It was the biggest monthly gap since October 2015.
The trade deficit also jumped by $600 million last week, to $1.,1 billion.
Greese exports to Germany were up by $2 billion last month, to almost $1bn.
Greece imports from Germany totaled $1billion last month.
Greek exports to China rose to $4.5 billion, from $3.8 billion in the previous month.
The foreign minister’s comments come as he and other Greek officials have sought to improve relations with Germany, whose Chancellor Angela Merkel is a close ally.
“There are many countries who are looking for the EU to help Greece, but we are looking at our own country, and not only for its economic recovery,” said Kasoulises.
“I hope that this will be the case with Germany.”
Greeks are seeking a trade agreement with Germany to avoid a potentially devastating trade war, which is seen as a major hurdle to a more ambitious European Union-backed bailout package for Greece.
“We are looking forward to a constructive dialogue with the German government, because the German people are a reliable partner in the eurozone,” Kasoulis said.