January 13, 2011
Looking at the most recent OECD economic indicators, Greece makes by far the weakest showing in all the Eurozone. It appears to have clearly collapsed into recession.
Industrial production remains in severe contraction territory, the consumer has fallen off a cliff, business confidence- though trending up- is clearly depressed, and the leading index is turning down fast. It has dropped 0.08% since October and is 6.75% below the level seen in November 2009.
For December (more timely data), consumer confidence declined 0.61% since November dropping 6.29% below the level seen in December 2009. Meanwhile, business confidence increased from November and remained 0.54% above the level seen in December 2009.
Industrial production remains weak but jumped a whopping 5.25% since September (much less timely data) remaining near the lowest levels seen since the late 1990s.
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