1/9  BIS central bankers' speeches  As a result of these efforts, openness has improved substantially and the economy has started to rebalance towards tradable, export-oriented sectors. For example, the share of total exports in GDP increased from 19.0% in 2009 to 30.2% in 2016.
Exports of goods and services, excluding the shipping sector, have increased by 41% in real terms since their trough in 2009. Finally, the banking system has been restructured and consolidated. Significant recapitalization, following stringent stress tests along with in-depth asset quality reviews, now ensures that Greek banks are among the best capitalized in Europe.