Greece’s retail trade dropped 2.4 percent from a year earlier in May of 2019, following a downwardly revised 2.6 percent fall in the previous month. Sales continued to decline at department stores (-20.2 percent vs -19.7 percent in April) and super markets (-2.4 percent vs -2.8 percent). Sales fell further for food, beverages & tobacco (-9.8 percent vs -6.6 percent) while those of automotive fuel (-2.3 percent vs -5.2 percent) and pharmaceutical products & cosmetic (-2.4 percent vs -6 percent) decreased at a softer pace. On a seasonally adjusted monthly basis, retail sales went up 0.3 percent, rebounding from a 3.7 percent slump in April. Retail Sales YoY in Greece averaged -0.64 percent from 2001 until 2019, reaching an all time high of 13.60 percent in December of 2006 and a record low of -19.40 percent in December of 2010.
Retail Sales YoY in Greece is expected to be 2.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Retail Sales YoY in Greece to stand at 2.20 in 12 months time. In the long-term, the Greece Retail Sales YoY is projected to trend around 2.00 percent in 2020, according to our econometric models.