The energy crisis, geopolitical tensions and climate change continue to be critical factors affecting the business climate, according to ICAP CRIF data on the performance of selected sectors of the Greek economy.
According to a brief overview of recent developments in 51 selected sectors, the significant growth of the national economy in 2022 is reflected in the economic performance of the Greek business sector, as this year it achieved a significant increase in both its turnover and profitability, despite adverse external factors.
However, focusing on the 51 sectors presented, it can be seen that the increase in companies’ operating costs due to the increase in energy prices and the consequences, led to a marginal reduction in profit margins in 2022.
In addition to the increased demand for products and services, price increases due to intense inflationary pressures led to a significant expansion in total sales.
Regarding the 2023 performance, the Greek economy recorded an upward evolution but at a slower pace, with GDP strengthening by 2.0% compared to an increase of 5.6% in 2022. For the current year (2024), the estimates are positive but moderate, since the European Commission in its report predicted that the Greek economy would grow by 2.2% in 2024 and 2.3% in 2025.
Inflationary pressures are gradually easing, as inflation in the first half of 2024 increased by 2.8% compared to the corresponding period in 2023.