Crisis: Greece; survey, olive oil consumption falling

02 July, 12:38

    (ANSAmed) - ATHENS, JULY 2 - Olive oil consumption is on a decline in the Greece's market in the last few years, as a reduced available income has lead consumers to cut spending even on basic food products, as Ana-Mpa reported quoting a survey by Infobank Hellastat. The study, examining the domestic market of olive oil production showed that consumption of olive oil stabilized at 200,000 tons in the 2012-2013 period, and was expected to fall further in the current period. This decline basically covers brand olive oil products, as consumers largely prefer to buy olive oil from producers. At the same time, consumption of labelled olive oil is constantly rising putting more pressure to brand producers. Domestic olive oil production totaled 357,900 tons in 2012/2013, up 22% from the previous period, while production in the 2013/2014 period was projected to fall by 62% to 135,500 tons, hit by adverse weather conditions. The survey analyzed the financial results of 110 enterprises in the sector, with a total turnover of 409.77 million euros in 2012, down 4% from the previous year. Operating earnings fell 7% to 28.17 million euros, while pre-tax earnings dropped 40% to 3.56 million euros. (ANSAmed).

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