Retail sales rise
- Written by E.Tsiliopoulos
Greek retail sales by volume rose 4.8% in July compared to the same month last year, after an upwardly revised 3.9& increase in June, according to the Greek Statistical Service.
Greece's international lenders, the European Union and the International Monetary Fund, expect private consumption to remain weak this year, despite an expected economic recovery of 0.6%, which is seen driven by tourism, investment and exports.
The country's leading economic think tank sees household consumption growing by 1% this year, helped by hirings during Greece's bumper summer tourism season.
Hit by the country's deep recession and record unemployment, retail sales declined by about 40% in 2009-2013 as a result of austerity policies imposed under the terms of Greece's 240 billion euro bailout by the EU and the IMF.
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