Greece is facing a difficult recovery after the announced closure of the country due to the pandemic

by   CIJ News iDesk III
2020-11-02   11:32

Every day of closure due to the pandemic in Greece implies costs of 150-180 million euros, say the sources of the Ministry of Finance, noting that the stricter and longer-lasting the restrictions that are imposed, the more painful it will be for the economy and society. Nevertheless, the same sources point out that even a targeted blockade, including capital, will have high costs: they say a slight blockade, including Attica, will mean a 1.5% reduction in gross domestic product, or 2.7 billion euros a month. Data from the Hellenic Bureau of Statistics (ELSTAT) show that Attica's contribution to total Greek GDP is 47%.

The data for September and October, when the first restrictions of the second wave came into force, are quite disappointing. The decline in the food services sector exceeds 50%, according to professionals in the sector, while for cafes the decline is 30% -40%, depending on the area.

All of this is forcing the government to revise its budget targets for this and next year. There are clear concerns that the recession will reach 10% in 2020, and the baseline recovery scenario of 7.5% in the draft