Greek retail sales in June dropped 0.4%

Greek retail sales in June dropped 0.4% by volume and 1.7% by revenue, compared to the same month last year, the Hellenic Statistical Authority (ELSTAT) reported on Monday.

According to ELSTAT, the drop was mainly caused by decrease in sales in the pharmaceutical, cosmetics and furniture sectors.

Nevertheless, the Greek economy expanded by 0.9% as consumer spending increased 1.1% in the second quarter of 2015.

According to the ELSTAT data, sales volume and revenues fluctuated, mostly in a downward trend, since November 2014. The political uncertainty in December and January 2015 stopped a five-month-long upward turn through October.

Consumer behavior was greatly affected by the ongoing negotiations for Greece’s third bailout and the standoff between the Greek side and creditors.