Business creation down by half in Greece


Screen Shot 2017-02-03 at 12.57.34 pm

The latest figures about Greece’s economy point to a massive drop in the number of new companies created as the country struggles to restore its ailing economy and prevent the brain drain of thousands of its best and youngest leaving for overseas opportunities.

According to the Endeavor Greece report there was a 50% drop in the number of new companies created compared to 2008, finding that in 2016 a total of 28,615 new businesses were registered, down by 33% against 2012.

Company/factory closures, meanwhile, in 2016 surpassed new company creation by 6,500 with main losses in retail (955), construction (640) and manufacturing (424). The energy sector suffered the greatest drop which by 93%.


The only two areas of the economy with positive performances are tourism and medical services, with tourism showing a 31% increase compared to 2012 with the creation of 1,347 new businesses whilst new medical services rose by 9%.

According to the same report released yesterday, Wednesday,  84% of businesses set up between January and November 2016 were in the food/catering, entertainment, retail commerce and accounting/consultancy services and remain strictly focused on ‘’non-productive” domestic consumption.

GCT Team

This article was researched and written by a GCT team member.