(Greece) – According to the Hellenic Statistical Authority, or ELSTAT, turnover in retail sales has declined in June. They released a detailed report in the form of a press release that outlined all the details using charts and graphs. The report also offered the following summary:
The Hellenic Statistical Authority announces the turnover and volume indices in retail trade with base year 2010=100.0 for June 2016 according to provisional and reduced data of a typical month, as follows:
- The overall turnover index in retail trade in June 2016 recorded a decrease of 5.2% compared with the corresponding index of June 2015, while compared with the corresponding index of May 2016 recorded an increase of 5.2%
- The overall volume index in retail trade (i.e. turnover in retail trade at constant prices) in June 2016, recorded a decrease of 3.6% compared with the corresponding index of June 2015, while compared with the corresponding index of May 2016, recorded an increase of 3.7%
- The seasonally adjusted (after eliminating the monthly effects e.g. the beginning of the school year, holidays, tourist period etc) overall turnover index in June 2016 compared with the corresponding index of May 2016 recorded an increase of 1.0%
- The seasonally adjusted overall volume index in June 2016 compared with the corresponding index of May 2016 recorded an increase of 0.7%
ELSTAT didn’t speculate as to the cause of the decrease in turnover but overall, this is likely another sign that Greece’s economy is still struggling. Greece has been in a recession since before the first bailout took place, which was in 2010. Since them, the bailouts and austerity measures that have come with it have been highly controversial. The measures have resulted in job losses, pension cuts, and salary decreases – all in the public sector. Since that makes up a good portion of the workforce in Greece, that means that there are fewer people who can spend money on retail goods.