ECONOMY

Still no pickup in Greek retail sales

still-no-pickup-in-greek-retail-sales

Greek retail sales by volume fell 4.5 percent in November compared to the same month a year ago, led lower by fuels, lubricants, home appliances and supermarkets, statistics service ELSTAT said on Friday.

Data on gross domestic product have shown some resilience in Greek consumer spending, which declined by only 1 percent in the third quarter when the economy shrank by 0.9 percent quarter-on-quarter.

Tax hikes and capital controls, imposed at the end of June to stem a flight of cash from banks after depositors were unnerved by a stalemate in talks with international lenders, have weighed on the sector.

The biggest fall in retail sales last year was recorded in July at 7.2 percent.

[Reuters]