Greece crisis bites as £3.4BN pulled from banks and manufacturing output WORST in eurozone
GREEKS are tightening their belts spending less and less in supermarkets as billions disappears from their bank accounts.
By SIOBHAN MCFADYEN
Express.co.uk
Mon, Apr 3, 2017
Capital outflows have shot up to £3.4billion (€4bn) since the start of the year while “impoverished” members of the public cut back on spending.
New figures out from the Marketing Laboratory of the Athens University of Economics and Business show half of Greeks are only buying the “absolute necessities”.
They say consumers are spending almost £34 (€40) less a month at supermarkets as they try to tighten their belts amid the country’s debt crisis.
And that reduction in spending is having an impact on supermarket turnover signalling a 13 percent decline.
The average monthly household expenditure is £234 (€274) compared to £265 (€310) a year earlier, it has been revealed.
The news comes as new manufacturing data out today showed the country’s manufacturing sector has dropped.
Greece’s economic activity in the form of Manufacturing PMI tumbled from 47.7 to 46.7 per cent – the worst in the eurozone.
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