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Fuels and food drive 0.7 pct YoY fall in Sept retail sales
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Deposits drop of 2.13 bln in Oct driven by businesses
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Credit growth slows to 7.8 pct YoY in Oct
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Construction continues recovery in Aug, down 8.4 pct YoY over 8 months
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Economic sentiment slides in Nov, consumer confidence drops sharply
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Oct budget execution data affirms strong revenue performance
Capital controls trigger big rise in card use and VAT revenues, Bank of Greece data shows
The significant increase in the use of debit and credit cards after the imposition of capital controls in July 2015 is having a positive impact on VAT revenues by improving collectability, the Bank of Greece (BoG) concludes in its interim monetary policy report published last Friday.
In contrast, the recent rise in the VAT rate is having a negative effect on VAT revenues and the BoG suggests the launch of more initiatives to widen further the use of cards as well as the lowering of VAT rates to previous levels.
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