Despite last night’s announced “rescue” of Greece by the other Eurozone countries, looking at the latest data from the OECD, Greece looks to be the just weakest component of the significantly lagging European economy.France, Germany, Spain and the rest of the Euro-area economies are showing industrial production remaining at weak “trough” levels while Greece appears to be entering into new and decidedly lower trend.
In February, Greece Industrial Production decline at an annual rate of 7.55% while consumer confidence registered a fourth consecutive decline dropping 1.23% since January remaining just 1.15% above the level seen in February 2009.
The overall Greece leading indicator is pointing down now having fallen every month since October 2009 possibly indicating that Greece could be now caught in a double dip scenario within the next few quarters.
