STATEMENT by Nikitas Konstantello, President & CEO of ICAP CRIF
"The Greek economy moved on an upward trajectory in 2021, as GDP strengthened by 8.3%, following the deep recession (-9%) the country experienced in 2020, due to the healthcare crisis, which created significant problems in the operation of businesses.
With the gradual normalization of the market, from almost mid-2021, the negative trend was reversed and the Greek economy returned strongly, creating promising prospects for the "post-Covid" era.
Estimates for the country's macroeconomic performance are positive for 2022 as well, but current developments at the international level are estimated to weaken the growth rate of the Greek economy by 1-1.5 percentage points compared to initial forecasts. The protracted war in Ukraine, strong inflationary pressures and soaring energy costs are again creating multi-dimensional problems in the market, creating intense concern and anxiety in the business world.
In anticipation of developments and beyond the positive trend recorded by the corporate sector in 2021, the extent of which will be determined upon completion of the publication of the balance sheets for that year, it is interesting to reflect the trends that characterized the various sectors of economic activity in previous years, as they emerge from the financial data and results of Greek companies.
Clearly, the pandemic conditions and the restrictive measures taken to deal with it had a negative impact on the Greek corporate sector as a whole. However, the impact on individual business sectors was different. There are sectors that recorded significant losses, but also sectors that showed resilience or were affected to a very low degree. In general, it can be seen that, despite the decrease in sales, companies managed to reduce their operating costs and better manage their costs, thus maintaining or even marginally increasing their profitability margins. In addition, the average return on equity and return on capital employed ratios of these sectors also improved."
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