Retail's downward slide continued with 8.9 pct sales drop in August

Economy

Retail sales headed south for yet another month with the contraction rate decelerating to 8.9 percent in August from a revised 14.1 percent in July, according to Hellenic Statistical Authority (ELSTAT). A broadly similar drop of 7.8 percent was also evident in retail volumes. The decline in 2013 continues unabated following an average annual drop of 11.0 and 7.2 percent in 2012 and 2011 respectively with a cumulative nosedive of 26.7 percent since its peak in 2008.

The picture remains rather mixed in the various sectors with some segments such as department stores, pharmaceutical products and cosmetics as well as furniture, electrical and household equipment still deep in the red and exhibiting a double digit decl...

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