Small Business (GSEVEE) pessimistic on economy for next 6-months

138K jobs expected to be lost

The Hellenic Confederation of Professionals, Craftsmen & Merchants (GSEVEE) released a study that paints a bleak picture of small businesses in Greece for the next 6 months. According to the findings it is estimated that 138,000 jobs will be lost, adding to the 25,000 jobless in the industry so far. Furthermore, a 20% drop in turnover is expected over the same period. One in 3 small businesses, or 63,000 are facing the threat of closure. As the study shows the initial optimism in the sector during the first 6-month term of 2015 was shattered as 84.3% of the respondents stated general economic co0nditions had deterioration compared to only 4.8% that are more optimistic. The average fall in turnover stood at 21.23% due mainly to the economic collapse of the last three months in Greece’s financial sector. 3 out of 4 businesses record a drop in demand (75.4%) during the six-month term, orders (77.1%) and worsening in liquidity (81.7%). The disinvestment index is very high, as nearly 50% of businesses said they had seen a drop in investments in the past six months.