Retail sales in January slump 16.4 percent

Greek retail sales by volume slumped by 16.4 percent year-on-year in January after a revised 8.3 percent drop in the previous month, statistics service (ELSTAT) data showed on Friday.

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

Retail sales volume dropped 12 percent in 2012, bringing total contraction in 2009-2012 to 34 percent.