Retail sales in Greece increased 0.7 percent year-on-year in December of 2018, after a downwardly revised 2.9 percent rise in the previous month. Sales rose less for food (1.4% vs 4.3% in November) and decreased for non-food products (-4.0% vs 1.1%), mostly pharmaceutical products, cosmetics (-7.3%). Meanwhile, clothing & footwear posted a strong gain (5.6%) and automotive fuel rebounded (3.9% vs -2.1%). On a seasonally adjusted monthly basis, retail sales fell 0.5 percent, following an upwardly revised 3.6 percent rise in the previous month. Considering the full year of 2018, retail trade grew 1.5 percent compared to 1.2 percent in 2017. Retail Sales YoY in Greece averaged -0.62 percent from 2001 until 2018, 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 1.50 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 1.70 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.