Business turnover at a five-year high
Consumption and inflation boosted business turnover last year while increasing tax revenues. According to data from the Independent Authority for Public Revenue (AADE), retail trade recorded the highest sales in absolute terms (taxable output) in 2023, while the automotive sales sector was very close. The third sector was food service and the fourth was the food industry.
According to the value-added tax certification data included in AADE’s business plan, the 71 business sectors out of a total of 87 saw an increase in sales in 2023 and 16 sectors saw a decline, among them the energy sector, which showed a decrease in sales amounting to 17.44 billion euros, due to the reduction in prices.
The total increase in sales in 2023 compared to 2022 was €11.24 billion (+3%). Based on AADE data, the sales volume of the year 2023 is the highest of the five-year period 2019-2023.
It is noted that in 2020 only 23 sectors of the Greek economy withstood the health crisis and recorded an increase in sales compared to 2019. On the contrary, the other 64 showed a significant decrease in sales.
So in absolute terms the industry with the biggest increase in sales last year was retail trade. Specifically, the activities that carry a code number and include all types of retail trade, excluding vehicles, amounted to approximately €60 billion, marking an increase of €4.95 billion compared to the previous year.
Vehicle trade (wholesale and retail) followed and even showed increased sales by €3.5 billion in 2023 compared to 2022. Total sales in the sector amounted to €13.3 billion, a 27% increase over with 2022. This is the second highest increase in absolute figures found among the branches of the economy.
The third sector of business activity with the largest increase in absolute figures was again in consumption: Businesses operating in the food service sector recorded a 23% increase in sales compared to 2022, or €2.071 billion. The total revenues of the businesses of restaurants, refreshments etc amounted to €11.1 billion.
In fourth place was the food industry, with an increase in sales by 12% or €3.8 billion. Construction projects (excluding buildings) followed in fifth with an increase in sales by 33%, or €1.7 billion.
