Turnover losses to reach €35 bln

Greek businesses are on course to lose 35 billion euros in earnings over the course of 2020.

Data from the first half of the year show a 15% drop in turnover, which represents a loss of €22 billion compared to last year. And the third quarter (July-September) does not appear to be any better.

Last year, total turnover of businesses was around €80 billion. Catering (bars, cafes and restaurants), accommodation, airlines and passenger shipping accounted for €8.2 billion.

This year, these businesses expect a turnover of less than 30% last year's, which translates to around €6 billion in lost earnings. And with the ripple effect in so many other sectors, overall turnover loss in the third quarter is conservatively estimated at €10 billion.

The challenge now is to contain losses in the fourth quarter. That's where the government aid will weigh in, in the form...