Petroleum [ELPE], Motor Oil Hellas [MOH]) is the
substantial growth of their sales in terms of vol-
ume. The MOH refinery at Agioi Theodori contin-
ued to operate at full capacity, setting new output
records since the company’s inception. The
Hellenic Petroleum group is expected to hit new
records in 2013, when the new plant at Eleusis
will come fully on-stream. And, of course, in an
environment of feeble demand and crisis, the out-
put of both groups had the same destination:
exports to international markets.
Orders
According to the latest available data, industrial
orders indices have declined year-on-year. Thus,
the average orders index for the 12-month period
December 2011-November 2012 registered an
8.1% decrease, as compared to a 2.4% increase
one year ago.
Among individual sectors, there has been a (12-
month average) increase in the orders of electri-
cal equipment and pharmaceuticals. Although the
chemicals and basic metals sectors had shown
positive prospects in 2011, this trend seems to
have been discontinued, based, of course, on the
orders placed.
Average industrial production for the first 11
months (January-November) of 2012 fell by 3.5%,
as compared to a 7.5% decrease in 2011, accord-
ing to the available data. The following manufac-
turing sectors sustained the greatest losses in
terms of output:
In contrast, coke and petroleum production rose
by 23.6%, mainly due to the increased output of
Greece’s two refineries (ELPE, Motor Oil), which
is mainly channelled to exports, given the drop in
domestic demand.
Business climate
Nonetheless, numbers do not always tell the truth
or, in this case, numbers only provide a snapshot of
the reality of a given time period (November), which
was fraught with uncertainty regarding Greece’s
future, its stay in the euro, and the disbursement of
the bailout tranche. A more “updated taste” of the
Trade with Greece
47
Sector
Output loss
Leather, Footwear
34.6%
Furniture
29.4%
Other transport equipment
27.7%
Textiles
18.2%
Industrial Minerals
17.5%
