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 for 51 selected sectors, the significant growth of the domestic economy in 2022 is reflected in the economic results of the Greek corporate sector as it achieved a significant increase in both its turnover and profitability this year despite adverse external factors.
However, focusing on the 51 sectors presented, it is found that the increase in the operating costs of businesses due to the rise in energy prices and the consequences, led to a marginal reduction in profit margins in 2022.
In addition to the increase in demand for products and services, the price increases due to intense inflationary pressures led to a significant expansion of total sales.
Regarding the performance of 2023, the Greek economy moved upwards but at a slower pace, as the GDP strengthened by 2.0% compared to an increase of 5.6% in 2022. For the current year (2024), the estimates are positive but moderate, as the European Commission in its report predicted the Greek economy growing by 2.2% in 2024 and 2.3% in 2025.
Inflationary pressures are gradually receding, as in the first half of 2024 inflation increased by 2.8% compared to the corresponding period of 2023.
