BUSINESS

Greek retail sales fall 3.2 pct y/y in September

TAGS: Economy

Greek retail sales by volume fell 3.2 percent in September compared to the same month a year ago, driven by lower sales of fuel and at department stores, statistics service ELSTAT said on Monday.

Consumption in Greece has been hurt by capital controls and a three-week shutdown of its banks imposed in mid-summer to stem a massive flight of deposits. The biggest fall 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.

[Reuters]

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