Greek retail sales fall 2.5 pct year on year in October

2 January 2016
484 Views

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

Thousands of refugees and illegal immigrants to be removed from apartments and hotels in Greece
GREECE
shares32 views
GREECE
shares32 views

Thousands of refugees and illegal immigrants to be removed from apartments and hotels in Greece

makis - May 29, 2020

The Migration and Asylum Ministry announced the start of the operation on June 1, of the eviction of both legitimate…

Muslims to pray in front of Hagia Sophia to put pressure to revert historic site into a Mosque
SLIDE
shares57 views
SLIDE
shares57 views

Muslims to pray in front of Hagia Sophia to put pressure to revert historic site into a Mosque

makis - May 28, 2020

Muslim mosques in Turkey will be reopening from tomorrow, Friday, the day of the fall of Constantinople (Istanbul), with the…

Athens Open Air Film Festival promises unforgettable nights to movie lovers
ART
shares61 views
ART
shares61 views

Athens Open Air Film Festival promises unforgettable nights to movie lovers

Panos - May 28, 2020

The Athens Open Air Film Festival promises movie goers unforgettable cinematic experiences as the summer event organised for the tenth…

Leave a Comment

Your email address will not be published.