Greece’s domestic lubricants’ sector is forecast to shrink over the three-year period of 2016-18 but at a slower rate than the 7-percent yearly drop, on average, recorded during the period 2011 to 2015.
According to a report by the Athens-based market analyst group ICAP, the sector in Greece shows an uninterrupted downward trend beginning in 1994. Specifically, the average annual rate of decrease in turnover for the industrial lubricants sector (in quantity) over the last five-year period hovered at 8 percent, while the decrease in 2015 is estimated at 10 percent (in quantity) in relation to 2014.
The continuing decrease in the domestic industrial output is largely blamed for falling lubricant sales. Turnover for maritime lubricants also fell over the past five years, with the decrease, yoy, between 2015 and 2014 being -7 percent.
