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Business bankruptcies in Greece rise 2.7% y-o-y

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Christian Fernsby |
Greece factory
Europe   32.5% of the declared bankruptcies concerned wholesale and retail trade

Business bankruptcies in Greece recorded a 2.7% increase in 2017 compared to the previous year, reaching 114 versus 111 in 2016, the statistics office or ELSTAT said on Friday.

However, ELSTAT pointed out that “since 2012 a steady decline is observed in bankruptcies with an average annual change of 11.5% for the period 2008-2017.”

Also, the average annual change for the sole proprietorships is -15.9%, for the companies with individual ownership -8.4% and for the business partnerships -9.3% during the period 2008-2017.

Moreover, in 2017, 32.5% of the declared bankruptcies concerned wholesale and retail trade, repair of motor vehicles and motorcycles businesses, 19.3% manufacturing, 18.4% accommodation and food service activities and 8.8% to constructions.

ELSTAT said that the claims of creditors verified during the period 2008-2017 indicate that annually on average, for about 139 claim verifications, the ascertained indebtedness amounted to 722 million euros, while the number of employees who have claims on them amounted to 1,743.

“Moreover, for the aforementioned period it is noted that while the average annual change in the number of bankruptcies with claims of creditors verified is decreasing by 2.8%, the corresponding rate for the amount of ascertained indebtedness and the number of employees with claims is increasing by 14.5% and 5.7%, respectively,” ELSTAT added.

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