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Covid-19 Hits Greek Accommodation & Food Services in Q2

Greece’s accommodation and food services activities in July suffered the biggest blow to turnover, down by 71.4 percent as a result of the coronavirus (Covid-19) pandemic, according to the latest data released on Tuesday by the Hellenic Statistical Authority (ELSTAT).

More specifically, turnover for F&B services in July 2020 came to 117,622,266 euros, down by 40.2 percent compared to the same month a year ago at 196,670,634 euros.

Overall, in the accommodation sector, Q2 turnover came to 104,682,448 euros plummeting by 94.3 percent against the same period in 2019 from 1,846,435,467 euros.

The Lasithi regional unit on Crete recorded the largest Q2 decline with turnover there down by 99.5 percent, while Florina saw fewer losses down by 11.7 percent.

Overall, businesses offering F&B services recorded 592,729,473 euros in Q2 turnover down by 59 percent against the same trimester in 2019 from 1,446,782,662 euros.

Santorini recorded the largest decline by 95.6 percent, with Grevena reporting the smallest decrease at 33.3 percent.

In July, accommodation providers recorded 277,842,377 euros in turnover down by 76.6 percent against July 2019 from 1,186,745,890 euros.

For the month, Mykonos recorded the largest decline in turnover down by 89.1 percent and Messinia the smallest decrease by 52.5 percent.

With regard to F&B services, the largest decline in July was marked in the Sporades islands down by 86.0 percent and the smallest in the Imatheia regional unit by 7.0 percent, with Rethymno on Crete recording a 10.4 percent increase for that month.

ELSTAT’s previous report also covered data on turnover for enterprises that suspended operations as a result of the Covid-19 crisis. Of the 205,984 enterprises that suspended operations, turnover in Q2 2020 came to 3,232,618 thousand euros, a 55.9 percent decline against Q2 2019 from 7,329,184 thousand euros. In this time, services providers in accommodation and entertainment (motion picture, video and television program production, sound recording and music publishing) recorded the largest decrease in turnover in Q2 down by 94.7 percent and 88.4 percent, respectively.

Overall year on year, Greek enterprises recorded approximately 4.2 billion euros in losses from 24,026,048 thousand euros to 19,832,471 thousand or down by 17.5 percent over a year (from July 2019 to July 2020) due to the outbreak of Covid-19.

Overall, concerning enterprises and activities, turnover in the second quarter 2020 came to 58,987,931 thousand euros, down by 25.1 percent against the second quarter in 2019, from 78,800,256 thousand euros.

Accommodation and food service activities recorded the largest drop in turnover overall down by 78.8 percent in Q2 2020 compared with the second quarter of 2019 as did arts, entertainment and recreation enterprises down by 53.2 percent.

The smallest decrease in turnover in Q2 2020 against Q2 2019 was seen in public administration and defence; social security (0.5 percent) and agriculture, forestry and fishing (3.4 percent).

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