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Reopening Economy Boosts Q2 Business Turnover in Greece

Athens, shops

Plaka, Athens. Photo: GTP

The decision to ease Covid-19 restrictions and allow economic activity earlier this year as well as the opening to tourists contributed to a recovery in Greek business turnover in the second quarter (Q2) of the year, the Hellenic Statistical Authority (ELSTAT) said this week.

More specifically, Q2 turnover for all enterprises and activities increased by 29.41 percent to 78,382,146 thousand euros against 60,570,667 thousand euros in the same period a year ago.

Activities in accommodation and food services (F&B) marked the largest rise by 118.5 percent in Q2 compared to  the same period in 2020 while businesses active in real estate saw the smallest increase in Q2 turnover by 9.8 percent.

Meanwhile, in June 2021, enterprises obliged to double-entry bookkeeping saw turnover increase by 22.4 percent to 23,377,447 thousand euros over the same month in 2020 at 19,092,213 thousand euros.

Again, accommodation and F&B businesses marked the biggest increase in turnover in June up by 245.0 percent over the same month a year ago.

Photo source: Athens Chamber of Tradesmen

On the downside, information and communication activities recorded a 0.3 percent increase – the smallest – with real estate activities recording a decline of 3.1 percent.

According to ELSTAT data released on turnover of enterprises that have since March 2020 suspended operations due to Covid-19: for 210,217 businesses Q2 turnover grew by 66.7 percent to 5,835,020 thousand euros compared to Q2 2020 and 3,499,654 thousand euros.

Enterprises active in accommodation services marked the largest increase in turnover by 481.0 percent in Q2 compared to the same period a year ago. The smallest rise by 26.0 percent was recorded for businesses in architecture and engineering.

Suspended operations obliged to double-entry bookkeeping saw June turnover increase by 48.6 percent to 1,643,743 thousand euros over June 2020 and 1,106,039 thousand euros in turnover.

Accommodation marked the biggest increase in turnover in June 2021 up by 802.1 percent compared to June 2020 while arts and entertainment activities saw turnover grow by 7.4 percent (the smallest increase) in June.

Architecture and engineering activities dropped by 3.9 percent.

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