Greece sees 18.3% increase in new business registrations in 2024, bankruptcies decline
Greece experienced a significant rise in new business registrations in 2024, while bankruptcies declined, marking a reversal of the upward trend in business closures observed in recent years, according to data released today by the Hellenic Statistical Authority (ELSTAT).
Specifically, the number of new business registrations across all sectors of the economy reached 132,507 in 2024, representing an 18.3% increase compared to 112,002 in 2023. At the same time, business bankruptcies across all sectors fell to 200 in 2024, a 12.3% decrease from 228 in 2023.
Sectoral Trends
According to ELSTAT data, the largest increase in new business registrations in 2024 compared to 2023 was recorded in:
- Transport and Storage (+35.3%)
- Construction (+17.3%)
Conversely, declines were observed in:
- Electricity, Gas, Steam, and Air Conditioning Supply (-26.0%)
- Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles (-0.5%)
Quarterly Insights
In the fourth quarter (Q4) of 2024, new business registrations totaled 34,784, marking a 26.3% increase compared to 27,542 in Q4 2023 and a 28.3% increase compared to 27,106 in Q3 2024.
The highest increase in Q4 2024 compared to Q4 2023 was seen in:
- Electricity, Gas, Steam, and Air Conditioning Supply (+26.3%)
- Transport and Storage (+26.1%)
Meanwhile, the largest declines were observed in:
- Manufacturing (-12.3%)
- Financial and Insurance Activities (-9.2%)
- Regional and Legal Entity Breakdown
By geographical region, the sectors with the highest number of new business registrations were:
Northern Greece: Agriculture, Forestry, and Fishing (1,960 out of 7,417 total)
Central Greece: Agriculture, Forestry, and Fishing (4,691 out of 8,818 total)
Attica: Professional, Scientific, and Technical Activities (2,277 out of 13,337 total)
Aegean Islands & Crete: Agriculture, Forestry, and Fishing (2,689 out of 5,212 total)
By business structure, the leading sectors for new registrations were:
Sole Proprietorships: Agriculture, Forestry, and Fishing (10,512 out of 23,756 total)
Partnerships: Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles (1,257 out of 5,807 total)
Corporations: Real Estate Management (131 out of 477 total)
Other Legal Entities: Real Estate Management (754 out of 4,744 total)
Decline in Bankruptcies
Business bankruptcies in Q4 2024 totaled 36, reflecting a 34.5% decrease compared to 55 in Q4 2023.
The overall rise in new business formations, combined with a decline in bankruptcies, suggests a strengthening business environment in Greece. Analysts will closely monitor whether this trend continues in 2025.
