Sharper drop for retail sales in July points to lingering recession

EconomyMacroeconomy Tags: ELSTAT, Retail

Retail sales continued heading south for yet another month with the contraction rate accelerating to 14.2 percent in July from a revised 7.7 percent in June, according to Hellenic Statistical Authority (ELSTAT). A similar drop (14.0 percent) was also evident in retail volumes.

The picture remains rather mixed in the various sectors with some segments such as furniture, electrical and household equipment, pharmaceutical products and cosmetics and department stores still deep in the red and exhibiting a double digit (18-26 perc...

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