ECONOMY

Amid plummeting profits, four in 10 retail businesses consider closing down

Four in 10 Greek retail businesses believe they may have to shut down in the near future, a study by the National Confederation of Greek Commerce (ESEE) has found.

Tradesmen will see their profits drop by 45.2 percent between 2012 and 2013, the report also discovered.

The overall drop in profits for retail businesses since the crisis began in 2009 reaches 85.9 percent, according to the study.

It is estimated that the average annual turnover per retail business will be 123,487 euros for this year, while profits will be limited to just under 7,000 euros.

Each business employs an average of 4 people.