Light industry business closure/startup balance remains negative in Thessaloniki

The number of small and medium manufacturing company closures exceeded that of new startups in the first nine months of 2018 in Thessaloniki, official figures showed on Tuesday. The number of companies removed from the registry of the Thessaloniki Chamber of Small and Medium Industry was markedly lower compared with the same period in 2017, by contrast, while new listings in the registry rose.

The Thessaloniki Chamber, in an announcement, said that a total of 378 enterprises suspended their operations in the January-September period, while 324 began operations in the same period. The Chamber said that, on average over the nine-month period, more than one small or medium-sized manufacturer in Thessaloniki had suspended its operations per day because of an inability to meet liabilities.

The report said that delistings from the registry were down 16 pct compared with the corresponding period last year, while the setting up of new company rose 18.2 pct over the same period.

“Despite the fact that nine-month figures are improved in comparison with the same period last year, the haemorrage from an already diminished market persists,” the announcement said.

New small manufacturing company set up were mainly one-person companies (215 out 324 new listings), while a total of 272 one-person companies suspended operations in the nine-month period (down from 329 last year).