Greek retail sales volume fell at an annual rate of 16.8% in October, data from the Hellenic Statistical Authority showed Monday, reflecting a slump in consumer confidence levels in the recession-ravaged economy.
The figures, which are adjusted for inflation and don’t include volatile fuel sales, were worse than September’s downwardly revised 11.8% decline, continuing a deteriorating trend seen since summer last year.
With the economy now in its fifth year of recession, the October figures showed that Greeks had pared back their spending, mostly on items such as clothing and household goods by roughly 25% from a year earlier, while it shrunk even in supermarkets by 16.7%.
All categories of spending were down from year-earlier levels in October.
Taking into account automotive fuel sales, the volume of retail trade fell 18.1% in October after falling 11.8% a month earlier, the statistics office said.
(source: Dow Jones)
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