ECONOMY

Greek retail sales post minor drop in March

Greek retail sales by volume fell 0.8 percent in March compared to the same month last year, statistics service ELSTAT said on Friday.

The reading had risen at a revised annual pace of 0.9 percent in February, more than previously estimated.

Hit by the country’s deep recession and record unemployment, retail sales declined by about 40 percent in 2009-13 as a result of austerity policies imposed under the terms of its international bailout.

Athens and its creditors expect private consumption to remain weak this year, despite an expected economic recovery of 0.6 percent, driven by tourism, investment and exports.

[Reuters]