Economic Turnover in Greece falls by € 41 billion
The Hellenic Statistical Authority (ELSTAT) announced that turnover across the whole range of enterprises and economic activities amounted to € 266.08 bln in 2020, compared to € 307.7 bln in 2019. These numbers show the decline of 13.5%.
Athens, Greece: 17 February 2021
Economic turnover in Greece fell by € 41.6 bln, a decline equivalent to 23% of 2019 GDP. Key drivers of the fall include:
Retail commerce, which has the biggest economic activity in terms of turnover, is once again closed in the capital and many other areas of the country;
Tourism is restricted due to the ban on travelling;
Food service has been suspended since November 2020 with the exception of takeaway and delivery services.
According to the ELSTAT Report:
Economic turnover in commerce amounted to €112.53 bln in 2020. This is 8.2% less than in 2019.
Manufacturing experienced a € 7.1 bln drop due to the decrease in consumption of a series of products.
Hospitality and food service experienced the decrease in turnover by 53.4%, from € 13.05 bln in 2019 to € 6.07 bln in 2020.
The year 2020 was a tough year for companies that had to close due to the COVID-19 restrictions. ELSTAT data show that the decline in turnover of the companies that were forced to shut down at least once in 2020 reached € 2.18 bln, a decline of 67.2% when compared to 2019.
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