SEV: Prospects for economic recovery increasing as bailout exit approaches

At the start of the New Year, the prospects for a steady recovery of the Greek economy are boosted, as the country is heading towards the exit from its adjustment program and a return to the markets, Greece’s industrialists union (SEV) said in its weekly report on Thursday.

However, the continued pressures on the disposable income of households, mainly due to increased tax obligations, and the recent adoption of the prior actions of the third program review have a negative impact on consumer confidence, which, although improved, remains at low levels, the report continued.

SEV’s report expressed concern on a reduction in retail sales in November of 2017, adding however that in the 11 months to November, the volume of retail sales minus fuel increased 1.2 percent, which is 0.6 percent higher from the same period of 2016. It also said that all store categories in that period presented an increase in sales except specified food stores (grocery stores, fish sellers, confectioneries, bakeries) which showed a drop in sales volume by 3.5 percent.