ECONOMY

Supermarkets to see turnover grow 1.5 pct from last year

supermarkets-to-see-turnover-grow-1-5-pct-from-last-year

Turnover at Greek supermarkets is set to post a small increase this year, likely affected by the upcoming elections and the weak growth of the economy, according to industry analysts.

The latest estimates presented on Wednesday by IRI Hellas commercial director Panagiotis Boretos point to a 1.5 percent annual increase, or an extra 80 million euros, in 2019. That would signify the return of supermarket turnover to 2015 levels. Last year turnover increased 2.7 percent compared to 2017.

The parameters used for this scenario provide for only one parliamentary election this year and a relatively short pre-election period. If the country is forced to have more than one general election there will be a negative impact, the IRI survey found, amounting to 0.46 percent of last year’s turnover.

Calculations are also based on the rather conservative assumptions that the economy will expand by 1.19 percent this year, the jobless rate will average at 18.5 percent, the inflation rate will come to 0.42 percent, and the retail commerce sector’s general turnover will grow by 1.78 percent.