Monday April 21, 2014 Search
Weather | Athens
17o C
11o C
News
Business
Comment
Life
Sports
Community
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 Ministry’s 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.

ekathimerini.com , Thursday December 5, 2013 (23:21)  
Eurobank share offering on April 25-29
PPC to issue corporate bond of 500 mln
Primary surplus continued by end-March
Eurobank eyes top Core Tier 1 level in Greece
Greek Christians mark rare Good Friday in north Cyprus
Hundreds of Greek Orthodox pilgrims, some coming home after 40 years of forced exile, commemorated the crucifixion of Jesus in a rare Good Friday service in northern Cyprus. Held in this med...
Greece offers to help find Turkish F-16 lost in 1996
Greece officially offered on Thursday to assist Turkey in its efforts to locate and salvage a Turkish Air Force fighter jet which crashed in the Aegean almost 20 years ago. Greek Defense Min...
Inside News
BASKETBALL
Greens lose badly as CSKA Moscow
Panathinaikos has a mountain to climb in order to reach the Final Four of the Euroleague after losing at CSKA Moscow on Friday for a second time in two days, only this time it was comprehens...
BASKETBALL
Former Red Bourousis wrecks Olympiakos´s hopes for a break
Olympiakos tried harder in Game 2 of the Euroleague play-offs in Spain, and Real Madrid was not as good on Thursday as in Game 1, but the Spaniards still emerged victorious on the night with...
Inside Sports
COMMENTARY
The placebo effect and the economy
Among the greatest mistakes made in the years of Greece’s hard landing is that citizens did not get the chance to sense that aside from austerity and pain the economic adjustment program als...
COMMENTARY
Ukraine is a crisis—but not a Cold War
Given Russia’s annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek Christians mark rare Good Friday in north Cyprus
2. Eurobank share offering on April 25-29
3. Greens lose badly as CSKA Moscow
4. Former Red Bourousis wrecks Olympiakos´s hopes for a break
5. PPC to issue corporate bond of 500 mln
6. Greece offers to help find Turkish F-16 lost in 1996
more news
Today
This Week
Today
This Week
1. Greece's market return mirrors return of tourists
2. Parties start announcing candidates for European Parliament elections
3. Greece startup leaders say they can’t break jobless cycle alone
4. Ground-breaking Good Friday mass signals thaw in Cyprus
5. IMF's Thomsen says Greece not fully financed to 2016
6. Mayoral candidates clash over Athens mosque plans
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.