The pressure from rising costs on Greek small and medium-sized enterprises is suffocating, with raw material price increases exceeding 100% in some cases, while a large proportion of businesses report that they have been forced to scale back operations due to rising energy costs.
These findings come from a new survey by the Athens Chamber of Small and Medium-Sized Industries (BEA), conducted in collaboration with KPMG.
The war in Ukraine and international geopolitical tensions have led to a significant rise in energy and raw material prices, driving up production and transportation costs. For the period 2021–2025, the General Consumer Price Index (GCPI) shows a continuous and cumulative increase.
Based on the most recent available data, the index recorded a +3.9% increase in March 2026 compared to the same period in 2025, confirming the ongoing upward trend.
In the survey, 65% of businesses stated that rising raw material prices are the most significant cost driver, while 51% cited energy costs as the primary source of pressure. In fact, 65% stated that they are unable to pass on these cost increases to the end consumer.
Price hikes are affecting most sectors
As we know, the cost of materials is 9–12% higher on an annual basis, with 71% of businesses reporting a significant increase in raw material costs over the past two years.
For example, businesses in the bakery and pastry sector have seen cumulative price increases of 100%–400% for key raw materials since the pandemic began.
Furthermore, 86% of respondents in the silver and gold jewelry sector report that rising precious metal prices have affected their businesses, with gold and silver being the main categories impacted.
Similarly, over 78% of businesses in the aluminum fabrication sector report a significant to very large increase in the cost of aluminum and glass panes.
Energy costs are limiting the viability of businesses
On the other hand, the impact of energy costs appears particularly severe, as 54% of respondents state that it has had a significant to decisive impact on the viability of their business, while 69% maintain that it has led, to some extent, to a reduction in production or working hours.