Greece only EU country where retail sales sink

Retail commerce in Greece has been suffering a decline this year, according to official statistics and market experts, largely due to overtaxation, shrinking disposable incomes and political uncertainty.

On Tuesday, the Institute of the Hellenic Confederation of Commerce and Entrepreneurship (INEMY ESEE) published a survey showing that 75 percent of retailers polled were unhappy with their sales last Sunday, the first of the spring midterm sales windows.

This follows an estimated 4-6 percent decline year-on-year during the Greek Orthodox Easter period last month, according to ESEE President Vassilis Korkidis.

The index of business expectations in retail commerce has dropped to its lowest point in 18 months, with Greece being the only member-state in the European Union to record a decline in sales volume this year, according to recent Eurostat figures.