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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.

Navigator Consulting Group provides Investment Advisory and Strategic Management services for companies in Greece, Cyprus and Internationally.

For further information, please contact:

Philip Ammerman

Managing Director

Sources: 17 February 2021

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