In a significant shift, Greek retail sales have taken a sharp downturn, recording a decrease of 2.8% in July 2024, a dramatic reversal from the 5.9% increase seen in June 2024. The latest data, updated on September 30, 2024, highlights a concerning trend for the Greek economy as consumer activity appears to have cooled markedly.
This year-over-year comparison underscores the volatility in the retail sector. In June, the retail sales index suggested a healthy expansion when compared to the same month in the previous year. However, July's figures contrast starkly, showing a contraction when set against July 2023, indicating that the market dynamics have shifted dramatically in just one month.
Economists and market analysts will be closely watching these figures as they reflect broader economic trends and consumer confidence in Greece. The negative swing suggests possible underlying challenges in the economy that could have wider implications for future growth and stability. Determining the factors behind this sharp decline will be key to formulating responsive measures to support the sector.
