Tourism Boosts Greek Business First-half 2022 Turnover

Turnover for Greek businesses increased by 32.3 percent in the first half of the year (H1) compared to pre-Covid 2019 driven by tourism, manufacturing and inflation, the country’s statistical service announced this week.

More specifically, according to the Hellenic Statistical Authority (ELSTAT), total H1 turnover came to 202.76 billion euros compared to 145.97 billion euros in H1 2021 and 153.23 billion euros in the first half of 2019.

Broken down, hospitality and F&B (food and beverages) services providers recorded the largest increases in turnover up by 128.8 percent in the second quarter of the year over the same period in 2021.

Overall, Greek enterprises turnover in Q2 2022 was up by 39.3 percent to 111.26 billion euros compared to 79.86 billion euros in Q2 2021 and by 34.65 percent over 2019 and 82.61 billion euros.

Source: ELSTAT

The lowest Q2 turnover increase compared to last year was recorded in the information and communication services segment by 14.4 percent with the biggest drop by 4.2 percent in the health and social works services sector.

Trade turnover meanwhile was up by 21.9 percent in Q2 over last year to 42.02 billion euros.

ELSTAT analysts attribute the rise in wholesale and retail as well as in manufacturing (Q2, 45.2 percent to 26.27 billion euros) to an increase in prices.