BUSINESS

Corporate turnover slashed by a quarter in April-June y-o-y

TAGS: Business, Economy

The impact of the Covid-19 pandemic restrictions on the economy was huge over the second quarter of the year, with the Hellenic Statistical Authority (ELSTAT) assessing that it slashed business activity by over a quarter on an annual basis.

Corporate turnover as a whole amounted to 58.98 billion euros, recording a decrease of 25.1% in comparison with the second quarter of 2019, when the respective figure was €78.8 billion.

Enterprises in the Accommodation and Food Service Activities sector and those of the Arts, Entertainment and Recreation sector recorded the largest decreases in turnover, at 78.8% and 53.2% respectively in the second quarter of 2020 compared with the same period in 2019.

The smallest decreases in turnover between Q2 2020 and Q2 2019 were recorded in the Public Administration, Defense and Compulsory Social Security sector (0.5%), and the Agriculture, Forestry and Fishing sector (3.4%).

The turnover of the 205,984 enterprises that were forced to suspend operations in April-June 2020 amounted to €3.23 billion, recording a decrease of 55.9% in comparison with the second quarter of 2019, when their respective turnover was €7.33 billion.

Enterprises in the Accommodation sector and the Motion Picture, Video and Television Program Production, Sound Recording and Music Publishing sector recorded the largest decreases in turnover, at 94.7% and 88.4% respectively in the second quarter of 2020 compared with that of 2019.

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