ECONOMY

Number of new firms drops 20 pct in first half

Number of  new firms drops 20 pct in first half
The number of business start-ups in Greece declined by 20 percent in the first half of the year on an annual basis, according to data from the General Commercial Register that Kathimerini has seen.

The figures reveal the degree to which business activity has stagnated in the last six months due to the uncertainty and the growing concern in the market about the country’s economy.

The number of companies taken off the register also posted a decline in the the first half of the year compared with 2014, but market professionals say that this picture may well have changed in the last 10 days due to the imposition of capital controls and the closure of banks.

The register’s figures show that 16,095 enterprises were created from January 1 until June 30 against 20,110 in the same period in 2014. The decline reached its peak in February, amounting to an annual 32.6 percent rate.

The vast majority of new enterprises (68 percent) were one-person companies, pointing to the fact that this small form of entrepreneurship that has developed since the start of the year is to a great extent one of necessity.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.