Greek retail sales drop 1.6 pct in March

Greek retail sales by volume dropped 1.6 percent in March compared to the same month a year ago after an upwardly revised 6.8 percent slide in February, statistics service ELSTAT said on Tuesday.

Retail sales were led lower by furniture and household appliances, apparel, footwear, fuels and supermarkets, the data showed.

Data on gross domestic product showed weakness in Greek consumer spending in the first three months of the year, when the economy contracted by 0.5 percent compared to last year’s final quarter.

Consumption declined 0.5 percent quarter-on-quarter in January-to-March.

Tax hikes and capital controls, imposed at the end of June last year 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]