Despite the challenging external environment, SMEs maintain a stable business climate and continue to move with a growth orientation, according to a new SME Business Climate Survey by the Economic Analysis Department of the National Bank of Greece.
In a year when international uncertainty has escalated to historically high levels, this new survey systematically examines how these conditions have tested the resilience of Greek businesses. The analysis assesses the way in which businesses have responded to the pressures of the period and assesses the sector’s starting position for 2026, in a context that continues to require flexibility and enhanced resilience.
SME Confidence Index Resists External Pressures
According to the survey, the broader business climate remains stable, with the SME Confidence Index marginally strengthening in the second half of 2025 (from 16 to 17 points), maintaining a significant distance from the historical average of the last decade.
At the same time, the orientation of businesses towards growth strategies continues to increase (58% compared to 54% in the first half). However, the gap between very small and larger businesses is widening, the survey pointed out, as very small businesses recorded a decline in both the confidence index and growth expectations, confirming their greater difficulties in adapting to the new environment.
The impact of tariffs
On the other hand, the pressures of tariffs were largely absorbed by the profit margins of SMEs, containing their further diffusion in the Greek economy.
The impact of tariffs on the operation of Greek SMEs proves to be comparatively limited compared to the major exogenous shocks of the previous five years. According to the NBG survey, only one third of companies reported significant pressure on their activity, a percentage significantly lower than the 82% that were strongly affected during the 2021 energy crisis and the 50%–60% that were pressured by supply chain disruptions in the period 2020–2024.
For the companies that were affected, the main pressure channel was the disruption in supply chains: 83% mainly reported an increase in costs, while only 17% recognized an impact on demand (direct or indirect).
Even more significant are the findings regarding the way SMEs reacted:
-22% chose active adaptation moves – with an impressive presence of 8% who proceeded to enhance competitiveness, as well as 14% who sought new suppliers or customers.
-15% followed a strategy of necessity, passing on the increased costs, mainly among those who faced more intense pressure (23% versus 8% of low-intensity impacts).
-The dominant strategy (adopted by 2/3 of the sector) was the absorption of costs, reducing their profit margins, and thus acting as a “barrier” that prevented the spread of the disruption to the broader business environment.
Resilience in another year of challenges
Despite the pressures on profit margins (a result of the extensive absorption of increased costs), SMEs appear essentially unaffected in terms of financial health, the research concluded.
In fact, the percentage of businesses with a severe lack of liquidity and those in a survival situation remains close to the historic low of 10%, indicating solid foundations of resilience. As 2026 begins with accumulated economic and geopolitical risks, Greek businesses have both the necessary margins for reaction and the strong reflexes it developed in the demanding conditions of previous years.
This resilience functions as a strategic asset for the entire economy, strengthening its ability to respond effectively to a new year of uncertainty.
Για να εμφανίζονται περισσότερα άρθρα της Ναυτεμπορικής στις αναζητήσεις σας εύκολα και γρήγορα, πρέπει να προσθέσετε το site στις προτιμώμενες πηγές σας. Μπορείτε να το κάνετε πηγαίνοντας εδώ.
