BUSINESS

Consumers spend less and less

Retail sales are continuing to flag in Greece, with turnover sliding 12.3 percent in the first half of the year on an annual basis, according to figures released on Friday by the Hellenic Statistical Authority (ELSTAT).

In June the decline amounted to 10.6 percent, which is attributed to the low purchasing power of consumers and the political uncertainty owing to the twin general elections.

Notably, Greeks have even curtailed food spending, as the sales volume at grocery stores dropped by 8.2 percent in the first six months of 2012 from the same period in 2011, with supermarkets? sales volume declining by 6.4 percent.

Apparel stores saw volume wear 22.9 percent thinner, while gas station sales slowed down by 15.5 percent.

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