Greek commerce sector report paints bleak picture

(AP) Employment in the Greek commerce sector shrank by over 12 percent in the past year and there is going to be no improvement in 2013, a report by the sector's main association claims.

In a preview of its annual report, set to be released Monday, the National Confederation of Greek Commerce (ESEE) says the sector lost 93,500 jobs in the past year, or 12.2 percent, with the total number of employees in the sector, at 673,400, the lowest since 1999.

The report says that most jobs were lost at bigger commercial firms; 8 in 10 small firms chose not to lay off personnel.

According to the report, 7 out of 10 businesses expect sales and profits to slide further in 2013, while 6 out of 10 struggle to meet payments.