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GreekReporter.comBusinessFirst 6 Months of 2016 Bring Another 16,994 Greek Business Closures

First 6 Months of 2016 Bring Another 16,994 Greek Business Closures

CLOSURE
Greece’s Ministry of Economy, Development and Tourism pointed to the closure of 16,944 businesses in the first six months of 2016, following the closure of 24,846 businesses in 2015. The figures from the General Registry of Commerce are disheartening.
There were 43,846 new businesses opened in 2015, along with 24,846 closures. In 2016, there were 20,345 new businesses created whereas 16,994 businesses folded in the first six months of the year. The hardest hit businesses are sole proprietorships that closed down at triple the rate compared to other businesses of legal persons. In the first six months of 2016, there were 12,641 businesses owned by single traders closing down their operations as opposed to 16,990 closures for the entire year in 2015.
Those owned by more than one legal persons noted 4,353 closures, whereas the number came to 7,856 in 2015.
The ministry states that retroactive closures need to be taken into account when looking at the statistics bearing in mind that many businesses had closed down years earlier but had not been struck off the registry until a later date.
It is estimated that there are more than 100,000 inactive businesses that are looking for ways to be struck off the registry.

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