ECONOMY

Retail sales dip on consumer belt-tightening

A busy afternoon in central Athens is pictured in a file photo. Data released yesterday showed that the volume of Greece’s retail sales fell 10.9 percent year-on-year in November after a 15.3 percent drop in October, as diminishing confidence in the economy weighs on consumer spending habits. The National Statistical Service said that retail sales by revenue dropped 9 percent year-on-year in November after a 14 percent drop in the previous month. With Greece’s economy in its first recession in 16 years, rising unemployment has also weighed on consumer spending. Economists said that the rate of contraction in retail sales might ease over the next few months but businesses are unlikely to see a recovery in the coming months due to low consumer confidence.