Alcoholic drinks sector hit by the pandemic, IOBE survey says

The alcohol drinks sector has been hit strongly by the pandemic and the lockdown, the Foundation for Economic and Industrial Research (IOBE) said in a report released on Tuesday, adding that estimated losses in sales this year will reach 40 pct, while tax revenue losses will reach 380 million euros.

The sector contributed 2.3 billion euros to Greek GDP in 2019 and has a workforce of 66,000 jobs. The report said that high taxes on alcohol drinks during the economic crisis contributed to a surge in illegal alcohol. A reduction in spending on alcohol up to 2019 led to a reduction of GDP by 1.2 billion euros and a decline in employment by 34,000 compared with 2009. IOBE said that combatting contraband alcohol will have multiple benefits for tax revenue streams, public health, the sustainability of several enterprises and employment.