Still no end to Greece's recession in sight

The latest data on consumption and exports point to the fact that the Greek economy has not yet developed the necessary momentum to break the recessionary cycle, despite government projections for an economic rebound in the second half of the year.

According to Hellenic Statistical Authority (ELSTAT) figures released on Wednesday, retail commerce turnover posted an annual decline of 5.2 percent in June, while the months of July and August were also disappointing as the summer sales were unable to reverse the downward trend.

A survey by the Commerce and Services Institute of the Hellenic Confederation of Commerce and Enterprises (ESEE) showed that turnover during the sales period that started on July 11 and ended yesterday posted a decline of 9.7 percent year-on-year, with more than half of enterprises (53 percent) reporting a drop in sales and just 14 percent pointing...