ECONOMY

Greek consumers see crisis lasting for at least another year-and-a-half

greek-consumers-see-crisis-lasting-for-at-least-another-year-and-a-half

Greek consumers have seen their financial situation deteriorate over the last nine months, with a large share of them expressing pessimism about the duration of the new economic crisis, according to a survey conducted by the Association of Business and Retail Sales of Greece (SELPE).

Nine out of 10 consumers expect the pandemic’s economic crisis to last until at least the end of 2021.

Almost half of households’ income goes to paying their bills and taxes, although in the case of taxes their share appears to be going down compared to the previous period.

The retail consumption index had a -38 reading as consumers have lower expectations about the coming months.

Only 10% of respondents said their financial condition has improved over the last nine months, against 32% in the previous survey in October 2019.

Just 16% anticipate an improvement to their finances in the next six months, against 27% in the previous survey, while 11% expect an improvement in state finances, down from 30% nine months ago.