The pressure exerted by high prices on Greek small and medium-sized enterprises is suffocating, with increases in raw materials exceeding 100% in some cases, while a large portion of businesses claims that it has been forced to limit its operations due to the energy burden.
The above findings emerge from the new survey of the Athens Chamber of Crafts (BVEA), which was conducted in collaboration with KPMG.
The war in Ukraine and international geopolitical tensions led to a significant rise in energy and raw material prices, burdening production and transport costs. For the period 2021-2025, the General Consumer Price Index (GCPI) shows a continuous and cumulative increase.
Based on the most recently available data, the index records an increase of +3.9% in March 2026 compared to the corresponding period of 2025, confirming the sustained upward trend.
Within the framework of the survey, 65% of businesses stated that the increase in raw material prices is the most significant burdening factor, while 51% cited energy costs as a main source of pressure. In fact, 65% argued that they are unable to pass on cost increases to the final consumer.
Price increases are hitting 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 confectionery sector have observed cumulative price increases of 100%–400% in basic raw materials since the pandemic onward.
Also, 86% of respondents in the silversmithing and goldsmithing sector claim that the increase in precious metal prices has affected their business, with gold and silver being the main categories.
In the same vein, more than 78% of businesses in the aluminum construction sector speak of a significant to very large increase in the cost of aluminum and glass panes.
Energy costs limit business viability
On the other hand, the effects of energy costs also appear particularly severe, as 54% of respondents state that it has affected their business viability greatly to decisively, while 69% claim that it has led to some degree to reduced production or working hours.