Economy

Global wine production sinks to lowest level since 1961

Global wine production sinks to lowest level since 1961”

Wine makers might be drinking to forget this year Global wine production is set to dive to its lowest level in 56 years The Paris-based International Organisation of Vine and Wine estimates output will shrink by 8 percent compared to last year plummeting to levels last seen in 1961.

Worldwide wine production is set to drop 8.2 percent from last year's amount, the lowest level for nearly 60 years.

With harvests now at an end in the northern hemisphere, the final, official production figures are yet to come out, but the OIV's estimations predict a reduction of 23 percent in Italy to 39.3 mhl, 19 percent in France to 36.7 mhl, and 15 percent in Spain to 33.5 mhl, compared with 2016.

Earlier this month, Thierry Coste of the Copa-Cogenca farmer's union told reporters that this is "the lowest (European) harvest that we have seen since World War II", according to Agence France-Presse.

"The quality of the grape is nevertheless expected to be very good across Europe which should make for an excellent wine", he said, according to the wire service.

He added: "But just how many this is happening to is another question".

Figures from Portugal, Romania, Hungary and Austria will hold steady, the group said, as will South Africa and Australia.

Production in France will decline nearly 20 percent and Spanish production will be 15 percent lower - and Germany will see a drop of 8 percent from last year's production, the group reported.

The situation is less bleak in other wine-producing areas.

Reduced global production may erode a surplus over demand seen in recent years, when consumption was curbed by the effects of a world financial crisis in 2008. The OIV said it expected a consumption range of between 240.5 and 245.8 million hectoliters, but warned that it did not yet have firm demand data for 2017.



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