10 Apr ICAP’s annual survey “Greece in Figures 2017”
In the context of supporting the healthy entrepreneurship, ICAP issued for the fifth year the leading edition “Greece in Figures”, which presents the financial data for the entire Greek corporate sector (13,154 companies) within a 2-year period (2017-2016), showing small signs of recovery.
Statement by Nikitas Konstantellos, President and CEO of ICAP group of companies
“After a long recession, the Greek economy showed a small recovery in 2017, as the country’s GDP moved at a low but positive rate of change (+ 1.5% versus 2016). It is encouraging that this upward trend continued in 2018 and is even slightly rising.”
This positive development is also reflected in the financial results of the Greek corporate sector, which managed to further improve its competitiveness, achieving remarkable performance for the third consecutive year. From the aggregated results of a large sample of 13,154 Greek companies (those that have published balance sheets until 4/1/2019, excluding Banks and Insurance), it is noted that in 2017 the companies managed to achieve a significant increase in their turnover and a significant increase in their profitability. Indeed, the total turnover of the Greek corporate sector increased by around 10% in 2017. At the same time, the continued efforts of companies to contain their expenditures contributed positively to their operating profits for another year as they grew by around 17%. Furthermore, the total of companies recorded a net (before tax) profit of € 4.67 billion, up 14% over the previous year. These are positive signs for the Greek companies. Indicatively, the 153 companies (excluding banks) listed on the Athens Stock Exchange managed to increase their turnover by 9% in the first half of the year, while profits were broadened by 25%. For more information, see here the analytical survey (available only in Greek)