ECONOMY

Major growth in business turnover in February

Major growth in business turnover in February

Business turnover in February rose above the levels seen in the same month not only last year but also in 2020 and 2019 – i.e. before the pandemic – Hellenic Statistical Authority data showed on Friday. This was not only thanks to the absence of any restrictions in commerce, but also due to the significant increase in prices.

The statistics pointed to a monthly turnover of 24.4 billion euros by the companies that have to submit their figures every month, compared to €17.7 billion a year earlier (when stores were closed due to the pandemic), €19.21 billion in February 2020 and €19.73 billion in February 2019.

Nevertheless the picture in the market now is that the rising course ended in March due to the increasing inflationary pressures on household disposable incomes following the outbreak of war in Ukraine in late February, and because of the return of pessimism among consumers regarding their future financial situations and the perceived course of the national economy.

Supermarket companies have already recorded a 1.4% decline in turnover in the first quarter of the year compared to the same period in 2021.