Consumer spending down sharply in Greece, Visa Europe

Consumer spending is down sharply in Greece, a report by Visa Europe showed on Tuesday.

A European Barometer on Consumer Spending said that consumer spending in the EU rose 0.8 pct in the fourth quarter of 2010, compared with the same period in 2009, but was down 1.2 pct compared with the third quarter of 2010, reflecting limited economic recovery in the European Union. It was the fifth consecutive quarter of growth in the EU. The barometer is based on real spending.

East European states, including Poland, Latvia and Estonia showed a big increase in consumer spending, while Greece and Ireland recorded a steep fall.

Spending through Visa cards totaled 253 billion euros in the fourth quarter of 2010, up 17.2 pct from the same period in 2009, with average volume of transactions falling to 50.1 euros.