ECONOMY

Greek retail sales slump shows no sign of slowing in July

The decline in Greek retail sales accelerated in July from the previous month, highlighting the pain fiscal austerity is inflicting on household consumption despite a bumper tourism season, data by statistics service ELSTAT showed on Monday.

Retail sales by volume fell 14.0 percent year-on-year after a revised 8.0 percent drop in June. It was the biggest drop in three months.

Hit by the country’s deep economic slump and record unemployment, retail sales by volume fell 12 percent in 2012, bringing the sector’s total contraction in 2009-2012 to 34 percent.

Retail sales slumped by an average annual clip of 10.8 percent between January and July, Monday’s data showed.

[Reuters]