Greek retail sales drop 3.8 pct y/y in May

Greek retail sales by volume fell 3.8 percent in May compared to the same month last year, after a downwardly revised 7.1 percent rise in April, statistics service ELSTAT said on Thursday.

Athens and its international lenders expect private consumption to remain weak this year, despite an expected economic recovery of 0.6 percent, which is seen driven by tourism, investment and exports.

Hit by the country's deep recession and record unemployment, retail sales declined by about 40 percent in 2009-2013 as a result of austerity policies imposed under the terms of Greece's international bailout.