Study: Retail sector slide continues; private consumption down for 7th consecutive year

Thursday, 01 December 2016 13:00
FOSPHOTOS/Giannis Papanikos

Some 27.6 of Greek businesses surveyed in a recent study that cited overdue debts and lower turnover in the first half of 2016 reported that they face the specter of closing sometime in 2017.

The study, commissioned and published by the Hellenic Confederation of Commerce and Entrepreneurship (ESEE), also reported that some 250K businesses in Greece have closed over recent years -- a period which coincided with the dramatic economic recession in the country.

The annual study is the group's survey of the Greek business sector.

On a brighter note, six out of 10 business owners surveyed reported zero outstanding arrears, while showing signs of resilience in the face of the ongoing crisis.

The study also points to a reduction in private consumption for the seventh straight, and the obvious repercussions on turnover and profits in the wholesale and retail sectors.

For instance, the general turnover index in the retail sector shrunk by 29.3 percent between 2010-15.