The financial conditions and performances of small and medium-sized enterprises are improving, according to a survey of 17,000 such companies across all sectors of economic activity conducted by Piraeus Bank.
The study, based on the processing of 2015 data (following the 2014 economic expansion), confirmed the positive course of SMEs, as a significant number of economic sectors posted a considerable improvement in their financial results. It noted that after a shaky period, particularly during 2012-13, local small and medium-sized entrepreneurship appeared to recover, climbing to a level similar to the pre-crisis period.
That improvement originated with the high-level consolidation of capital structuring and the strengthening of liquidity. It must be noted, however, that although the efficiency that is inevitably linked to the profits of a company improved from 2014, it did not reach 2007 levels.
The best performances were recorded in the non-traditional sectors of the Greek economy, such as manufacturing. The repair and installation of machinery and equipment sector stood out for its resilience and improved performance. Among the other manufacturing sectors that presented a positive picture were those related to vehicle production, basic metals, other manufacturing activities and the production of electrical equipment. Also on the ascent were the sectors of information technology, water supply and property management – although the latter has weakened compared to previous years.
On the other hand, the sectors of the arts, entertainment and the media continued to underperform. The same goes for forest-based industries, the domains of agriculture and tobacco, etc.
Piraeus economists said the data for SMEs provides a message of optimism, but the challenges of the Greek economy remain.