Consumption of bread and pastry products in Greece posted a considerable decline at the height of the economic crisis in 2012, according to the latest sector study by Infobank Hellastat.
The report states that the recession has hurt bread and pastry manufacturing as consumers reduced expenditure even in terms of basic needs. The financial figures of 191 enterprises in the market that Infobank Hellastat processed showed a 5.9 percent yearly decline in turnover that reached 1.01 billion euros in 2012. Operating profits went down by 3 percent to 91.48 million euros.
A survey by MARC SA for the Federation of Greek Bakers showed that one in every five consumers reduced their bread consumption in 2012, contributing to nine out of 10 bakeries recording a drop in revenues that amounted to 36.7 percent on average.
The decline was greater in pastry and other bakery products, as the drop in bread consumption was not as big.