Greece: Greek businesses face record-low turnover

Greece: Greek businesses face record-low turnover

It appears that the imposition of the lockdown crushed the market, turning retail into ashes. Thousands of businesses have been left to their fate, with some sectors of the economy recording a turnover contraction of more than 90% or even 95% in April.

According to the data released today by the Hellenic Statistical Authority (ELSTAT) on the turnover of companies in April, when the total lockdown was decided, for all companies in the economy with the obligation to keep double-entry data, for which there are available data on a monthly basis, the Arts and Entertainment sector, alongside the “Accommodation and Catering Services” sector showed the largest decrease in turnover by 93.3% and 85.5% YoY respectively.

Businesses on hold

Accordingly, with regard to those companies that suspended their operations with the obligation to keep double-entry data, for which data are available on a monthly basis, the Education sector showed the smallest decrease in turnover by 21.9% in April 2020 compared to April 2019, while the sector that recorded the largest decrease in turnover, namely, 97.1% YoY, is that of “Production of Cinematic Films, Videos and TV Programs, Recordings and Music Editions”. The volume of turnover in the sector of “Gambling and Betting” decreased by 96.2%. The turnover of the “Architectural activities and engineering activities. Technical tests and analyses” sector shrunk by 95.7%, while the “Accommodation” sector recorded a 92.5% dive.

Focusing on the first quarter of the year including March, when the lockdown was introduced, the companies in the field of “Water Supply, Wastewater Treatment, Waste Management and Rehabilitation Activities” and the sector of “Agriculture, Forestry, Increase in Livestock and Fisheries” grew their turnover by 5.8% and 5.3% each. The largest decrease in turnover between the first quarter of 2020 and the first quarter of 2019 was recorded by companies in the “Arts, Entertainment and Entertainment” sector (14.9%) and the “Activities of Accommodation and Catering Services” (11,8%), as well as the “Real Estate Management” sector (11.8%). /ibna