19%, with department stores being in a dire situ-
ation, as their turnover in constant prices
decreased by almost 20%. That said, super mar-
kets also suffered an almost 11% drop.
The huge problems faced by retail trade in Greece
are reflected on the fact that, in 2010, turnover in
constant prices was almost 10% lower as com-
pared to five years ago, i.e. in 2005. The volume of
sales remains higher, as compared to 2005, in only
two categories: Super markets (by a marginal
0.6%) and the typically inelastic category of phar-
maceutical products and cosmetics (6.5%).
On the other end of the spectrum we find books,
stationery and other goods, whose volume has
dropped to almost ¾ of the corresponding figure
for 2005, followed by automotive fuel, which reg-
istered a decrease of almost 20%.
As compared to 2009, always according to ELSTAT
figures for the eleven-months from January to
November, retail trade volume decreased by 5.3%,
a percentage that is almost half the 10.2% drop
recorded during the same period of the last year.
This slowdown is to a great extent fictitious, as it is
largely due to the so-called “receipt movement”,
which brought to the light a large part of hidden
turnover, especially in the first months of 2010.
A case in point is that in those sectors that used
to issue receipts as they should even before retail
trade receipts became tax-deductible, such as
department stores, the decrease continued
unabated in 2010.
This measure wound down in the last months of
2010, leading to a resumption of increased drop
rates. Thus, in November 2010 retail trade vol-
ume decreased by 12% year-on-year, as com-
pared to 11.1% in November 2009. Excluding
automotive fuel the drop reaches 13.6% (8.7% in
November 2009). In the food sector the corre-
sponding rates amounted to -9.3% (in 2010) and
-8.1% (in the previous year) and in the remaining
sectors stood at -17.7% and -8.1%.
Trade with Greece
48
