Covid-19 Costs Greece’s Closed Businesses One-Third of Their Turnover

Photo source: Athens Traders Association (ESA)

Greek businesses ordered to shut down in 2020 due to the coronavirus pandemic lost more than one-third of their turnover or a total of 10.8 billion euros, according to recently released data by the Hellenic Statistical Authority (ELSTAT).

Of the 205,984 enterprises in Greece that suspended operations in March 2020, turnover came to 18,789,821 thousand euros, recording a 36.4 percent decline compared to 2019 (see table below). 

The largest decrease in turnover per 67.5 percent in 2020 compared with 2019 was recorded from accommodation enterprises of the Greek tourism sector.

Annual turnover (in thousand euros) from administrative sources for the total of enterprises under suspension of operation in March 2020, per economic activity class. Source: ELSTAT

With regard to enterprises and activities of the economy as a whole, 2020 turnover amounted to 266,083,826 thousand euros, down by 13.5 percent against 2019.

Accommodation and F&B services recorded the largest decrease in turnover down by 53.4 percent in 2020 compared to 2019 (see graph below). 

Biggest rates of change (%) of the annual turnover of the total of enterprises in the Greek economy, per section of economic activity – 2020/2019. Source: ELSTAT

Turnover down 37.8% in Q4 2020

For the 205,984 businesses which remained closed throughout the first and second lockdowns in Greece last year, Q4 turnover came to 4,295,386 thousand euros, down by 37.8 percent against the same quarter in 2019.

In Q4 last year, only enterprises of sports, entertainment and leisure activities services recorded an increase in turnover (20.7 percent) against the same quarter in 2019.

Turnover for Greek businesses that remained closed specifically in December 2020 came to 728,476 thousand euros, down by 53.9 percent compared to the same month a year earlier. 

According to ELSTAT, Greece’s travel agencies and booking companies which suspended operations in November 2020, saw Q4 turnover fall by 83.5 percent from a 50.6 percent drop in Q3. In December, travel agents and booking companies saw turnover plunge by 87.4 percent from a massive 93.8 percent in November 2020.