Tuesday, September 14, 2010

The Fall of Greece: July 2010

Looking at the most recent OECD economic indicators, Greece makes by far the weakest showing in all the Eurozone appearing to have clearly collapsed into recession.

Industrial production has fallen off a cliff, consumer confidence remains historically weak, business confidence looks grim and the leading index is turning down fast.

For August, consumer confidence increased 0.58% since July but remained 4.28% below the level seen in August 2009 while business confidence increased just 0.18% from July and 0.74% from August 2009.

Industrial production remains weak declining 1.41% since the prior month remaining near the lowest levels seen since the late 1990s while the leading index is fully in declined dropping 0.53% from June and declining 5.70% below the level seen in July 2009.