ECONOMY

Market lost over €3 bln in January alone

market-lost-over-e3-bln-in-january-alone

Enterprises that submit their data to the state every month – including those whose operations have been suspended due to the pandemic – saw turnover drop 3.06 billion euros in the first month of this year, according to the figures the Hellenic Statistical Authority (ELSTAT) issued on Friday. 

Total turnover for Greek corporations (not including the small ones that submit their data on a quarterly basis) amounted to €15.97 billion in January 2021, against €19.03 billion in January 2020 – i.e. the last month before the coronavirus arrived.

The losses were predictably greater for the arts and entertainment sector, which remains in suspension, as its turnover shrank by 88.2% to just €52.49 million from €443.95 million a year earlier. There were also huge losses in bigger sectors of the Greek economy, such as commerce, manufacturing, tourism and food service.

For example, in manufacturing, a sector that continues to operate, turnover dropped 12.8% or €559 million in the year’s first month due to the reduced domestic and international demand. The commerce sector (wholesale and retail) posted total losses of €615 million to €6.78 billion, from €7.39 billion in January 2020.

Retail commerce and its parts that are locked down (excluding the food sector that continues to operate as normal) observed a 15% decline in January, amounting to turnover losses of €82.11 million: This was thanks to the operation of brick-and-mortar stores for 11 working days in January, which managed to contain the decline.

However, market estimates say retail’s actual losses are far greater because the above figure does not incorporate the thousands of small companies – primarily in the apparel domain – that will provide their results for the entire January-March period at the end of the quarter.

In the food service sector, where a great number of enterprises also submit their financial data per quarter, turnover declined 58.1% in January to €48.36 million, against €115.52 million in January 2020.

The hospitality sector suffered a turnover drop of 74.7% year-on-year to just €17.97 million, from €70.93 million 12 months earlier.

One of the worst-hit sectors has been that of gaming and betting, with turnover falling 93.3% to just €25.95 million, from €384.62 million in January 2020.