Financial and business news from Bulgaria

Greek business lost 22 billion euros due to pandemic

In the first half of 2020, business losses from the pandemic amounted to around €22 billion, Kathimerini writes. For the period tax revenues were reduced by 5.4 billion euros, while the hole in the coffers of excise duties alone exceeded EUR 3.1 billion. Indicative of the situation is that in September alone, the decline in revenues is of the order of 2 billion.
The Greek Finance Ministry estimated that a new full quarantine would cost the economy 150 to 180 million losses per day, Channel 3 reported.

Even lighter measures in the Attica region alone will result in a loss in GDP of 1.5 percentage points, i.e. around EUR 2.7 billion. Greek statistics (ELSTAT) data show that Attica is 47% in the country's total GDP. The figures for September and October, when the first restrictive measures are already in force, are disappointing. The decline in catering revenues exceed 50%, industry professionals say, while in cafes it is 30% -40%.

Greek households are hit hard by the pandemic because it was only in the second quarter of 2020 that their disposable income decreased by around EUR 3.9 billion, or by 11.8% compared to the corresponding period in 2019. Because of the uncertainty, they have significantly reduced consumption and so the deposits at the end of September reported an annual growth of EUR 10 billion.

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