Greece’s F&B Sector Recovers Fully in Q1 2023

A taverna in Greece.

Greece’s food and beverages (F&B) sector fully recovered in the first quarter of the year compared to same period in pre-Covid 2019, with many enterprises reporting increased turnover, according to the latest data released by the Hellenic Statistical Authority (ELSTAT) in collaboration with Tourix.

More specifically, according to business and restaurant activity data collected for each of the country’s regions over in Q1 year on year, the F&B sector is expected to see the highest returns this year, said the report’s analysts.

Indicatively, compared to Q1 2022, turnover increased to 1.19 billion euros up from 1.50 billion euros in Q1 2023.

Restaurant on Santorini.

In terms of concentration, the Attica Region which includes Athens, is home to the largest number of F&B businesses, more than 17,000, followed by Thessaloniki, Heraklion (Crete), Achaia and Aitoloakarnania.

Regionally, areas reporting the highest turnover in Q1 2023 were: Attica accounting or 50 percent of the total turnover generated by F&B services providers in Greece, followed by Central Macedonia and Crete. Also in the Top 10 are Heraklion, Achaia, Larissa and Ioannina reporting under half a billion euros in turnover.

A restaurant in Greece.

Compared to Q1 2022, Evia marked the highest percentage increase in turnover up by 37 percent, followed by Messinia (+31 percent), Attica (29 percent), Heraklion (+28 percent), and Larissa (+27 percent).

Based on average turnover, Mykonos was ranked first in 2020 driven in large part by strong tourist flows in the summer reaching 170,000 euros per business. Next in line were Thessaloniki (85,000 euros per enterprise), and Attica (82,000 euros per business).