The volume of Greek retail sales climbed for the fifth consecutive month in October 2014, with a rise of 3.7% compared to October 2013, following a September 2014 increase of 2.2% according to statistics service ELSTAT.
The steady rise indicates a fourth quarter full of strong consumer spending, putting the economy on recovery road after a prolonged recession of six years, which almost maimed the country.
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Last month’s data indicated Greece getting out of the slump right from the beginning of 2014 and has since not looked back.
The International Monetary Fund (IMF) and the European Union (EU), Greece’s international lenders, expect the country’s economy to see the recovery through. Driven by exports, investment and tourism, the national output has been forecasted with a growth of 0.6%.
Earlier during 2009-2013, there was a 40% decline in retail sales thanks to the severe unemployment and major economic slump in Greece; a result of austerity policies that had been imposed because of the €240bn bailout by the IMF and EU.
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