ECONOMY

Greek retail sales drop 2.2 pct in August

greek-retail-sales-drop-2-2-pct-in-august

Greek retail sales by volume fell 2.2 percent in August compared to the same month a year earlier, led lower by vehicle fuels and food stores, statistics service ELSTAT said on Friday.

Data on gross domestic product have shown resilience in Greek consumer spending, which rose 1.1 percent in the second quarter, helping the economy to expand by 0.9 percent.

Sales volumes had risen for five months in a row through to October 2014 on a pick up in consumer spending, as the economy showed signs of picking up after a protracted recession. But political uncertainty during acrimonious talks with the country's lenders towards the end of last year hit consumer sentiment.

Capital controls and a three-week shutdown Greece imposed in the summer to avert a massive flight of deposits took a toll on consumption. [Reuters]