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Greek retail sales drop 1.9% year-on-year in April

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Greek retail sales by volume fell 1.9 per cent in April compared to the same month a year earlier, hurt by the standoff over a reforms deal with the country's EU/IMF lenders, statistics service ELSTAT said on Tuesday.

[ATHENS] Greek retail sales by volume fell 1.9 per cent in April compared to the same month a year earlier, hurt by the standoff over a reforms deal with the country's EU/IMF lenders, statistics service ELSTAT said on Tuesday.

Sales volumes had risen for five months in a row through October on a pick up in consumer spending, as the economy showed signs of picking up after a protracted recession. But a turbulent political climate towards the end of last year hit consumer sentiment.

Greece's economy recovered modestly last year after six years of a deep contraction but has dipped back into recession.

Hit by the country's economic slump and record unemployment, retail sales declined by about 40 per cent in 2009-2013, hit by austerity policies imposed under the terms of Greece's 240-billion-euro EU/IMF bailout.

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