Greek retail sales volume fell at an annual rate of 11.8% in February, data from the Hellenic Statistical Authority showed Monday, as consumer spending slumped and the Greek economy continued to deteriorate.
The figures, which are adjusted for inflation and don’t include volatile fuel sales, were broadly in line with January’s downwardly revised 10.5% decline, confirming a deteriorating trend since last summer.
With the economy now in its fifth year of recession, the February figures showed Greeks sharply paring back their spending on a range of items from clothing and footwear, which fell by 29%, to a 19.2% decline in department store sales.
Taking into account automotive fuel sales, the volume of retail trade fell 13.0% in February after a revised 10.6% fall in January, the statistics office said.
(source: Dow Jones)
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