BUSINESS

Almost four in 10 cigarettes on the market are contraband

TAGS: Economy

Trade in contraband cigarettes on the Greek market has spun out of control this year as Kathimerini understands that illegal tobacco products currently account for more than 33 percent of purchases.

Last October Finance Ministry estimates put the market share of contraband cigarettes at 22 percent, after amounting to 19.8 percent at end-2015.

"The sector is in despair as almost four out of 10 cigarettes are illegal and the industry’s turnover has shrunk by more than 10 percent," says Constantinos Iakovou, head of the Association of Tobacconists and Kiosk Leaseholders of Macedonia.

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