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Industry revenue of »manufacture of refined petroleum products« in Greece 2011-2023

The Greek economy is still suffering the aftermath of the 2008 Eurozone crisis. A prolonged state of recession has led to high unemployment rates, rising national debt and an overall decline in the manufacturing operations. One industry which has been severely affected in particular are the petroleum refineries. Over the years, the sector has been plagued with challenges such as high cost of crude oil supply, lower margins, decline in domestic demand and high financing and energy costs. Additionally, the global slump in oil prices have added to the industry’s woes. As a result, revenues have been declining over the years, with manufacturing operations expected to be defunct in the medium term.

Another key reason for the industry’s decline not only in Greece, but in majority of the European countries is the EU’s decision to ban the use of fossil fuels in the medium to long term, owing to the rising carbon emissions and environmental hazards. In fact, the EU has decided to stop funding all oil, gas and coal projects by the end of 2021.

Industry revenue of »manufacture of refined petroleum products« in Greece from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Greece. The industry “manufacture of refined petroleum products“ has the code “C192“.

Details on the methodology can be found here.

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