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According to preliminary estimates from the Central Statistical Office, GDP declined by 2.7% year-on-year in the fourth quarter, the fourth consecutive quarter of negative growth. The GKI consumer confidence indicator increased for the fifth consecutive month in March, reaching -37.3. However, confidence is still low against a backdrop of austerity and economic uncertainty. Retail sales volumes continue to decline, decreasing 1.4% in February 2013 year-on-year mainly as a result of a drop in sales of food, drinks and tobacco (2.6%) as well as of automotive fuel (4.0%).
Source : Cushman & Wakefield
