Retail sales drop 13%

Page last updated at 10:43 GMT, Wednesday, May 2, 2012 - 15:43 EST

Greek retail sales by volume fell 13 percent year-on-year in February, with the pace of the decline picking up after a revised 10.6 percent drop in January, data from statistics service ELSTAT showed on Monday.

Even supermarket price cuts and special offers at other retail outlets have failed to reverse the southbound trend in consumer spending, while the reduced use of cars due to the soaring of gasoline prices has led to a 12 percent decline in turnover at fuel stations.

Retail sales by revenue dropped 11.1 percent in January after a revised 8.8 percent fall in the previous month.

Some information for this report was provided by Kathimerini, Reuters