Inspections, card transactions boost declared retail turnover

The increased number of inspections and the extensive use of plastic money contributed toward an unexpected rise in retail commerce turnover in July, even though salaries keep decreasing and tourists spent less money than last year.

Hellenic Statistical Authority (ELSTAT) data showed that while tourism takings were down 3.5 percent in total in July on an annual basis, retail commerce turnover rose 4.5 percent from June, while the sales volume expanded 4.9 percent from the previous month. In particular, the apparel sector enjoyed an 8.5 percent monthly rise in turnover from June and 37.4 percent growth in sales volume.

The increase in inspections in July resulted in many more stores issuing receipts. Therefore a part of the undeclared turnover that ELSTAT could not record in the past has come to the surface, illustrating the effectiveness of more checks and the necessity...