Greek economy sinking: ESEE, ELSTAT

The barrage of taxes, the reduction in wages and pensions, capital controls and a sentiment of uncertainty about the future of the Greek economy are some of the main factors that driving down consumer confidence and leading to deeper recession in the country. According to data released by ELSTAT and the Hellenic Confederation of Commerce & Entrepreneurship (ESEE), retail is under great pressure from the recessionary cycle, while exports have virtually frozen, based on figures by the Exports Association. The numbers released by ESEE on the 2016 summer sales paint a beak picture, as over half of the businesses recorded a drop in sales compared to last season. Meanwhile, according to the President of the Panhellenic Exporters Association, Christina Sakelaridi, exports are ‘sinking’ for the first 6 months of 2016, standing at a negative 8.1%, stressing that if they were comparable to last year’s numbers Greece’s GDP would have a 0.9% expansion instead of a 0.9% decline.

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