Greece: Gold Market 2025

Gold Market Size in Greece

The Greek gold market contracted notably to $X in 2021, reducing by -40.7% against the previous year. Overall, consumption saw a perceptible decline. Gold consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Gold Production in Greece

In value terms, gold production totaled $X in 2021 estimated in export price. Overall, production showed a slight descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by 7.3%. Gold production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Gold Exports

Exports from Greece

In 2021, approx. X kg of gold were exported from Greece; waning by -59.5% compared with 2020 figures. Overall, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 39% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, gold exports shrank notably to $X in 2021. In general, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 56%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Turkey (X kg) was the main destination for gold exports from Greece, with a 84% share of total exports. Moreover, gold exports to Turkey exceeded the volume sent to the second major destination, Germany (X kg), eightfold. The third position in this ranking was taken by Belgium (X kg), with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume to Turkey totaled +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-14.4% per year) and Belgium (-29.6% per year).

In value terms, Turkey ($X) remains the key foreign market for gold exports from Greece, comprising 91% of total exports. The second position in the ranking was held by Germany ($X), with a 3.8% share of total exports. It was followed by Belgium, with a 3.5% share.

From 2012 to 2021, the average annual growth rate of value to Turkey amounted to +10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-23.8% per year) and Belgium (-30.2% per year).

Export Prices by Country

The average gold export price stood at $X per kg in 2021, growing by 39% against the previous year. In general, the export price showed a perceptible expansion. The pace of growth was the most pronounced in 2019 an increase of 51%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Belgium ($X per kg), while the average price for exports to Bulgaria ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+5.9%), while the prices for the other major destinations experienced a decline.

Gold Imports

Imports into Greece

In 2021, gold imports into Greece stood at X tons, rising by 11% on the year before. In general, imports saw prominent growth. The growth pace was the most rapid in 2013 when imports increased by 192% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, gold imports skyrocketed to $X in 2021. Overall, imports continue to indicate a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Italy (X tons) constituted the largest supplier of gold to Greece, with a 61% share of total imports. Moreover, gold imports from Italy exceeded the figures recorded by the second-largest supplier, Germany (X kg), threefold. The third position in this ranking was held by Switzerland (X kg), with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy stood at +24.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.5% per year) and Switzerland (+10.8% per year).

In value terms, Switzerland ($X) constituted the largest supplier of gold to Greece, comprising 62% of total imports. The second position in the ranking was held by Austria ($X), with a 15% share of total imports. It was followed by Germany, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland amounted to +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+18.8% per year) and Germany (-1.6% per year).

Import Prices by Country

The average gold import price stood at $X per kg in 2021, surging by 94% against the previous year. In general, the import price, however, continues to indicate a abrupt descent. The pace of growth was the most pronounced in 2016 an increase of 151% against the previous year. The import price peaked at $X per kg in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Switzerland ($X per kg), while the price for Italy ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+10.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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