` Cyprus Olive Oil Use Slips As Crisis Forces Hard Choices - Olive Oil Times

Cyprus Olive Oil Use Slips As Crisis Forces Hard Choices

Sep. 10, 2013
Marissa Tejada

Recent News

cyprus-olive-oil-use-slips-as-crisis-forces-hard-choices-olive-oil-times-costas-gregoriou
Costas Gregoriou
New fig­ures show olive oil con­sump­tion is down in Cyprus due to the eco­nomic cri­sis hit­ting the coun­try.

Cypriots now aren’t nec­es­sar­ily buy­ing olive oil. Instead they are mak­ing it them­selves.- Costas Gregoriou

According to a new study by the Greek Embassy in Cyprus, pri­vate con­sump­tion in Cyprus will fall by 15 per­cent by the end of the year.

That’s as the dis­pos­able income of the aver­age Cypriot is esti­mated to fall by 20 per­cent by the end of the year as well.

In an inter­view with Olive Oil Times, Dr. Costas Gregoriou a Cypriot olive oil cul­ti­va­tion spe­cial­ist and expert, said the finan­cial cri­sis is indeed tak­ing its toll on Cypriot food con­sump­tion habits.

Cypriots now aren’t nec­es­sar­ily buy­ing olive oil which was eas­ier with more dis­pos­able income. Instead they are mak­ing it them­selves. Before the cri­sis, they didn’t give a thought to the olive trees that grew in their towns or vil­lages. Now, mak­ing olive oil is an easy way to save money,” said Gregoriou. He added that some Cypriots with even less dis­pos­able income are nat­u­rally using less olive oil in their daily meals.

Advertisement

The study also pointed out that since Cyprus entered the European Union in 2004, olive oil con­sump­tion has been mostly on the upswing with much of its olive oil being imported from Greece. The lat­est fig­ures show that there has been a slight decrease in Greek imports last year.

Olive oil remains an impor­tant part of our daily diet and Mediterranean cul­ture,” Gregoriou said. The eco­nomic cri­sis is chang­ing how peo­ple are able to keep it as part of their daily meals. Some may sim­ply turn to local resources while oth­ers will use less or opt to use other types of veg­etable or cheaper seed oils in the mean­time. Unfortunately, for some it may be a means of sur­vival and keep­ing more cash avail­able.”

The aver­age price of imported vir­gin olive oil increased from 2.46 euros per kg in 2011 to 2.53 euros per kilo last year. At the same time, the aver­age price of imported vir­gin olive oil from Greece also increased from 2.41 euros per kilo to 2.63 euros per kilo.

It’s not just olive oil though. Other prod­ucts aren’t see­ing the same lev­els of con­sump­tion due to the cri­sis,” said Gregoriou.



Related News

Feedback / Suggestions