ECONOMY

Greek retail sales post rise but deposits take a hit

Greek retail sales by volume rose 2.2 percent in September compared to the same month last year, after a downwardly revised 7.3 percent increase in August, the country’s statistics service ELSTAT said on Friday.

Sales volumes rose for the fourth month in a row, pointing to a boost in consumer spending in the third quarter as the economy recovers from a protracted slump.

Hit by the country’s deep economic slump and record unemployment, retail sales declined by about 40 percent in the 2009-2013 period, driven by austerity policies imposed under the terms of Greece’s 240-billion-euro bailout set by the European Union and International Monetary Fund.

However bank deposits dropped slightly in October after rising in the previous seven months, central bank data showed on Friday.

Business and household deposits dropped 0.15 percent month-on-month to 164.5 billion euros from 164.7 billion euros in September, the Bank of Greece said.

[Reuters]