ECONOMY

April retail sales fall 14.2 percent as recession bites

Greek retail sales by volume fell 14.2 percent year-on-year in April after a revised 5.9 percent drop in the previous month, statistics service ELSTAT said on Friday.

Austerity measures imposed by the debt-laden country’s foreign lenders and record unemployment have hurt private consumption, the main driver of its economy.

Retail sales by volume fell 12 percent in 2012, bringing the sector’s total contraction in 2009-2012 to 34 percent.

[Reuters]