Thursday April 24, 2014 Search
Weather | Athens
21o C
15o C
Survival Guide
Greek Edition
Small industries feel strangled

By Dimitra Manifava

Over 10,000 small industrial firms in Athens alone have been forced to shut down since 2009, as according to the Athens Chamber of Small and Medium Industries (ACSMI), the number of such enterprises in the capital that closed between 2009 and 2012 came to 7,747, plus another 2,500 if one factors in those which are expected to have shut down by the end of this year.

The data from the ACSMI register showed that its members numbered 49,180 in 2009 and just 41,433 three years on.

The biggest losses have been recorded in the clothing and shoes sector: In 2009 there were 6,093 apparel makers operating in Athens, which were reduced to just 4,863 in 2012. Textile manufacturers went down from 627 in 2009 to 473 last year. Another sector that has suffered a major blow is construction, with the 8,764 small businesses in the sector in 2009 shrinking to just 7,189 in 2012, according to the ACSMI figures.

Sector professionals remain pessimistic for 2014, too, as according to a survey conducted by the chamber, 41 percent of entrepreneurs consider it very likely that they will not manage to meet their obligations next year and will be forced to close.

The survey further found that about two-thirds of entrepreneurs (66 percent) have been affected by the crisis due to a drastic decline in turnover and a considerable reduction in cash flow resulting from major delays in the repayment of their clients debts.

In their effort to ensure sustainability, the majority of small and medium-sized enterprises are expected in the next few months to resort to a reduction in their general expenses, with another solution being staff cuts.

Separately, the Labor Ministrys Ergani register for the private sector showed yesterday that the number of private employees (1,371,450) is now very close to that of the unemployed (1,365,406) in Greece. , Thursday December 5, 2013 (23:21)  
Benchmark up thanks to late blue chip rally
PPC to sell 500 mln euros of 3- and 5-year bonds
Greeces NBG launches 5-year bond to raise up to 750 mln euros
Samaras meeting with Dimon key to Greek return to bond markets
Work at new Athens cultural center gathering pace
It was revealed on Thursday that the outer shell of buildings at the Stavros Niarchos Foundation Cultural Center should be completed by July 28. The planting of trees and shrubs on the 17-he...
Greece makes official request for debt relief as loan tranche approved
Greece made its first official request on Thursday for further debt relief as the Euro Working Group (EWG) met in Brussels to rubber-stamp the 2013 primary surplus and approve the release of...
Inside News
4,000 officers to police Greek Cup final
Police says it will ban mass gatherings in central Athens amid heavy security measures planned for Saturday's Greek Cup final between Panathinaikos and PAOK at the Olympic Stadium. More than...
Never underestimate the Greek hoopsters
Olympiakos and Panathinaikos, who between them have won the last three European crowns, won again at home on Wednesday to take their Euroleague play-off series with Real Madrid and CSKA Mosc...
Inside Sports
At the mercy of fools
The death of a young man at an Easter lunch in a village near Rethymno on Crete and the very serious injury of an American guest at a Resurrection ceremony on Santorini must not be forgotten...
Putting the party above the country
The case of Sabiha Suleiman, the Roma activist whose candidacy for the European Parliament was announced by SYRIZA only to be withdrawn shortly afterward, is an illustration of the leftist o...
Inside Comment
1. Work at new Athens cultural center gathering pace
2. Greece makes official request for debt relief as loan tranche approved
3. New court to deal with major crime, graft cases
4. More than 20,000 protests since 2010 bailout
5. Red tape cut for EU law graduates
6. Balkan train links to resume on May 10, with discounts
more news
This Week
1. Putting the party above the country
2. Three missing from cargo ship that went down off Crete
3. Strong card in debt talks
4. Central Athens cleanup a sign of Greece's turnaround
5. Samaras meeting with Dimon key to Greek return to bond markets
6. Police on high alert for Greek Cup final in Athens on Saturday
This Week
1. Greece startup leaders say they cant break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Mayoral candidates clash over Athens mosque plans
4. Government looks to kick on
5. Putting the party above the country
6. Greece offers to help find Turkish F-16 lost in 1996
Find us ...
... on
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.