Greek retail sales fall 2.5 pct year on year in October
Greek retail sales by volume fell 2.5 percent in October compared to the same month a year ago, led lower by fuels, lubricants, cosmetics and drugs, statistics service ELSTAT said on Thursday.
Data on gross domestic product have shown some resilience in Greek consumer spending, which declined by only 1.0 percent in the third quarter when the economy shrank by 0.9 percent quarter-on-quarter.
Tax hikes and capital controls that were imposed at the end of June to stem a flight of cash from banks by depositors unnerved by a stalemate in talks with international lenders have weighed on the sector.
The biggest fall in retail sales this year was recorded in July at 7.2 percent.
Sales volumes had risen for five months in a row through to October 2014 on a pick up in consumer spending, as the economy showed signs of improving after a protracted recession.
But the trend was reversed by political uncertainty during acrimonious talks with the country’s international lenders towards the end of last year.
You may be interested
Giannis Antetokounmpo never forgets his rootsmakis - Feb 19, 2018
In an interview with ESPN, Giannis Antetokounmpo, known as the “Greek Freak” due to freakish athletic abilities and his prowess…
FYROM PM: Name dispute with Greece to be resolved by Julymakis - Feb 19, 2018
The Prime Minister of FYROM, Zoran Zaev effectively announced that his country will have reached an agreement on the name…
Bloomberg: Greece will not receive € 5.7bln tranche at EuroGroup todaymakis - Feb 19, 2018
Greece is not expected to receive the Eurogroup approval today for the € 5.7 billion disbursements, as there are still…