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.

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