More specifically, October proved to
be the worst month (of the first ten-
months of the year) for the retail
sector, which recorded a drop of
18.1% in the volume of retail trade
(16.8% excluding automotive fuel)
as compared to the same month of
2011. The second worse drop had
been recorded in March (16.2%;
14.2% including automotive fuel).
All this, based on official ELSTAT
data. That said, according to NCHC
estimates, the impact of the reces-
sion was much stronger during the
most “consumeristic” month of the
year, i.e. December.
The Confederation estimates that:
● In 2012, Christmas turnover barely reached
€7.6 billion, reduced by almost 18% as com-
pared to December 2011, when it had reached
€9.25 billion.
● In December 2008 this figure stood at €22 bil-
lion. This means that sales fell by almost 65%
in five years; in other words retailers lost two-
thirds of their holiday revenues.
The combined effect of wage and pension cuts,
as well as tax hikes and social benefit cuts, on
Trade with Greece
53
Source: Labour Force Survey, ELSTAT.
Source: ELSTAT
Source: ELSTAT
850.0
800.0
750.0
700.0
650.0
600.0
-60.0% -50.0% -40.% -30.0% -20.0% -10.0% 0.0% 10.0%
-30.0% -25.0%
-20.% -15.0% -10.0% -5.0% 0.0%
