BUSINESS

Retail sales keep falling

Retail turnover was in free fall in February, according to data issued on Monday by the Hellenic Statistical Authority (ELSTAT), as on an annual basis it shrank by 11.1 percent, while after adjustment for inflation the drop came to 13 percent.

Even supermarket price cuts and special offers at other retail outlets have failed to reverse the southbound trend in consumer spending, while the reduced use of cars due to the soaring of gasoline prices has led to a 12 percent decline in turnover at fuel stations.

Worse, the shrinking of turnover at apparel outlets amounted to a disappointing 29.3 percent on a yearly basis, while for department stores the decline amounted to 19.9 percent, in a month covered entirely by the winter sales.

Online