ECONOMY

Greek retail sales drop 7.8 pct y/y in August

The slump of Greece’s retail sales continued in August, highlighting the pain fiscal austerity is inflicting on household consumption, data by statistics service ELSTAT showed on Thursday.

Retail sales by volume fell 7.8 percent year-on-year after a slightly revised 13.9 percent annual drop in July.

Retail sales slumped by an average annual pace of 10 percent between January and August, only slightly below its 12 percent drop in the full year of 2012. The sector has shrunk by 34 percent in 2009-2012. [Reuters]