ECONOMY

October retail turnover falls by 17 percent

Retail commerce suffered a 17 percent yearly decline in turnover in October, Hellenic Statistical Authority (ELSTAT) data showed on Monday.

October, a month that was dominated by major uncertainty regarding the course of the Greek economy, saw sales volumes fall 18.1 percent compared to the same month in 2011, while turnover shrank 17.1 percent.

There was a significant 16.7 percent decline in sales volumes at supermarkets on an annual basis and a 25.2 percent drop at fuel stations, illustrating that consumers now only pay for their basic needs and have considerably reduced their trips by car.

There was also an 18.8 percent drop in sales volumes at pharmacies and cosmetics stores, while the same index concerning bookstores, and electrical and electronic equipment and furniture shops registered an annual decline of 12.1 percent, according to ELSTAT data.

Meanwhile the National Confederation of Hellenic Commerce (ESEE) is still compiling data regarding the period leading up to Christmas, when the drop in turnover ranged between 20 and 50 percent on a yearly basis, depending on location.