Industry revenue of »advertising agencies« in Greece 2011-2023

Since 2009, the Greek economy has been experiencing an unparalleled downward spiral. The country has witnessed a period of prolonged recession, plagued with high unemployment rates and rising national debt. This has severely affected business confidence levels. Amid falling revenues, one of the main things that business and entrepreneurs have cut to a great extent are their ad spends. This has caused majority of the ad agencies to either cease operations or shift elsewhere. In fact, Leo Burnett, one of the leading advertising companies in the country and indeed the world, had to file for bankruptcy a few years ago.

Additionally, uncertainties surrounding Greece leaving the EU, which has been termed as ‘Grexit’ by the Media, has further added to the industries’ woes. Many broadcasters are refusing to run advertisements, owing to the fear of money stockpiling in their accounts, at a time when its value could drastically reduce. As a result, traditional channels such as television and print have witnessed a two-fold fall in revenues over the past few years.

Therefore, revenues of advertising agencies are forecast to drop drastically from 1.8 billion U.S. dollars in 2011 to just 161 million U.S. dollars by 2023.

Industry revenue of »advertising agencies« in Greece from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Greece. The industry “advertising agencies“ has the code “M7311“.

Details on the methodology can be found here.

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