Greeks Using Less Olive Oil

One of Greece’s most prized products – olive oil – is sliding in domestic sales during a crushing economic crisis as Greeks turned to cheaper alternatives as part of overall food cutbacks.

Total turnover fell 4 percent in 2012, to 409.77 million euros, mostly hitting brand names as consumers also preferred to buy in bulk.

According to a study by Infobank Hellastat, consumption in the 2012-13 period stabilized at around 200,000 tons, when production rose 22 percent to 357,900 tons in a bumper season.

Production this year is forecast for a sharp 62 percent drop, to around 135,000 tons, mainly due to adverse weather conditions.

‘The sector has positive prospects, on the condition that the bulk market is restricted and the market share of labeled brands grows,’ said an Infobank Hellastat official.