Greek economy in crisis: Retail turnover nosedives 27.1% in May

Greek economy in crisis: Retail turnover nosedives 27.1% in May

The disappointing images of empty stores as the first week of this year’s summer discounts which started last Monday, July 13th and also ends on Monday, August 31st, comes to an end, give a taste, according to the universal market estimate, of what will follow in the fall.

The absence of customers is a continuation of the catatonic movement in the market in recent months. In fact, today the latest data of the Hellenic Statistical Authority were published, which show huge losses of turnover in May, a month in which the gradual opening of the economy kicked off. Turnover decreased from 21.55 billion euros in May last year to 15.7 billion euros, recording a dive of 27.1%. Especially the accommodation and catering sectors experienced a decrease of 88.7%. As for the companies that suspended their operations, their turnover decreased by 55.8%, from 1,605.80 million euros to 799.44 million Euros.

Worst discount period of the decade

Referring to the significant contraction of turnover expected in trade in this year’s summer discounts for the markets of Attica, the president of the Attica Regional Chamber Council and the Piraeus Chamber of Commerce and Industry Vassilis Korkidis stressed that his goal was to reduce turnover at -12% and lost profits at -39%. As he stated, the mark of the pandemic in this year’s summer discounts will be deep, with the buying movement in Attica continuing in a catatonic manner, corresponding to the levels of the period that has elapsed since the complete lifting of the lockdown. Citing the relevant data, he noted: “The retail turnover during the months of July and August, when the regular summer discounts are carried out, has averaged over the last decade at 6 billion euros, but recording significant fluctuations from year to year. Indicatively, in the pre-crisis period and specifically in the corresponding two months of 2009, the turnover of summer discounts had exceeded 8 billion euros, that is, it was comparatively 25% higher than the average of the following decade. Since then, the annual losses of the summer discount turnover have been stable at the level of minus 2 billion Euros. /ibna