A report released by the National Bank of Greece (BoG) on small and medium-sized retail businesses (SMEs) shows that there have been some 30,000 business closures from 2008 – 2013, leaving Attica with a 28 percent decline in shops.
The report shows that in comparison to the other EU member states, Greece’s SMEs are not as profitable to owners.
Greece’s economic crisis has cost a high price for SMEs over the past several years as the country relies heavily on small businesses for 56 percent of the sector’s employment in comparison to the rest of the EU which holds at only 35 percent.
Also, SMEs account for 66 percent of turnover in retail commerce in Greece whereas it accounts for only an average of 25 percent overall in the EU.
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