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Greek Households Continue Cutbacks on Basic Goods, Electronics, Fuel

Greek households continue to cut down on basic goods such as food, electronics and car fuel in order to meet their tax obligations to the State.
According to data released by the Ministry of Energy and the Environment, in the first half of the year, Greeks bought 56,000,000 liters less gasoline than last year, as gasoline sales dropped by 4% on an annual basis.
At the same time, data on supermarket sales showed a loss of 1%, as dairy products had a 3.5% decrease in sales, cleaners dropped by 4.9%, and personal hygiene product sales by 4.6%.
Similarly, sales of electronics and technology products have taken a similar downward slope, as data released by Gfk research company show a decline of 11.2% in IT products, 5.3% in telecommunication products and 5.8% in electronics .
As noted by the Foundation for Economic & Industrial Research (IOBE), consumer confidence has now returned to February 2015 levels. “We are not just returning where we were 2.5 years ago, but in terms of consumer confidence we are still behind the eurozone, which currently runs at a rate of 2,1% growth, thus the gap is widening,” IOBE General Manager Nikos Vetas said.

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