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
Merkel: I hope we take final step with Greek programme on Thursdaymakis - Jun 19, 2018
German Chancellor, Angela Merkel expressed hope that the Eurogroup meeting on Thursday would be the last step for the Greek…
Mykonos! The island where some bread slices cost 28 euros!makis - Jun 19, 2018
A Spanish bakery claims to sell the world’s most expensive bread in the world at €106 a loaf. OK, that…
U.S Embassy in Athens strongly condemns furlough to terrorist Koufontinasmakis - Jun 19, 2018
The U.S Embassy in Athens issued a press release condemning the granting of a 48-hour furlough to November 17th convicted…