IOBE study: Entrepreneurship among young businesspeople falls in 2016

19 December 2017
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Entrepreneurship among young adults in Greece again fell in 2016, according to a recent study by the Foundation for Economic and Industrial Research (IOBE), which was unveiled in Athens on Monday.

The “Annual Report for Entrepreneurship in Greece”, as it is called, showed that despite an economic stabilization, heightened uncertainty over the course of economic policy, combined with higher tax pressure on self-employed professionals and entrepreneurs, negatively affected business activity.

Most affected were young entrepreneurs, who are in their initial stage of business activity.

On the plus side, the IOBE study noted a heightened use of new technologies, a boost in business opportunity and outgoingness, although the latter is mostly associated with the very robust tourism and holiday sector in Greece.

One highlight of the study showed that in the 18 to 64-year-old age group, the percentage of people in an initial stage of business activity was just 5.7 percent (380,000), down from 6.7 percent in 2015. The former is an all-time low in the country.

The percentage of the population which declared in 2016 a suspension or end of business activity reached 3.8 percent (260,000 people), higher than in 2015, 3.0 percent. Seven out of 10 respondents surveyed for the study said the most serious reason for terminating business activity was a lack of profits.

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