BUSINESS

ELSTAT shows drop in April retail sales

TAGS: Economy, Business

Retail sales by volume dropped 1.5 percent in April compared to the same month a year ago after an upwardly revised 1.2 percent slide in March, statistics service ELSTAT said on Thursday.

Retail sales were led lower by cosmetics, pharmaceuticals, fuels, lubricants and household appliances, the data showed.

Data on gross domestic product showed weakness in Greek consumer spending in the first three months of the year, when the economy contracted by 0.5 percent compared to last year’s final quarter.

Consumption declined 0.5 percent quarter-on-quarter in January-to-March. Tax hikes and capital controls, imposed at the end of June last year to stem a flight of deposits, have weighed on the sector.

[Reuters]

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