January retail sales post 2.2 pct year-on-year drop

Greek retail sales by volume dropped 2.2 percent in January compared to the same month a year ago after a downwardly revised 0.2 percent rise in December, statistics service ELSTAT said on Thursday.

Retail sales were led lower by fuels, lubricants, foods and electrical appliances, the data showed.

Data on gross domestic product have shown some resilience in Greek consumer spending, which grew 0.4 percent in last year’s final quarter compared to the previous quarter.

Tax hikes and capital controls, imposed at the end of June to stem a flight of deposits, have weighed on the sector.

The biggest fall in retail sales last year was recorded in July, when volumes fell 7.2 percent.

[Reuters]