Business lost 3.6 bln euros in Jan-March

Business lost 3.6 bln euros in Jan-March

Greek enterprises were hit with a turnover drop of at least 3.6 billion euros in the first quarter of the year due to the pandemic’s restrictions, although the toll of the 5.4% reduction compared to the same period in 2020 does not appear that big.

The blow has been heaviest for companies that had to remain closed for a long time, as in January-March their turnover contracted 39.1%. This latest lockdown – albeit not as strict as the one in spring 2020 – had a significant effect on Greek businesses that had already suffered from the 2020 lockdowns.

The figures that the Hellenic Statistical Authority (ELSTAT) released on Tuesday showed turnover across the business sector came to €63.56 billion in the year’s first quarter, down from €67.16 billion in the same period in 2020.

The biggest losses in percentage terms were recorded in the sectors of arts and entertainment that are still in suspension, as their turnover shrank by 70.4% year-on-year. Food service and hospitality followed with a 53.9% annual drop in Q1. However, in absolute figures, it is retail commerce that suffered the greatest losses, in January-March, amounting to €920 million.

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