Monday, October 11, 2010

The Fall of Greece: August 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 dropping 0.38% since July and 5.99% below the level seen in August 2009.

For September (more timely data), consumer confidence declined 0.12% since August dropping 5.65% below the level seen in September 2009 while business confidence went flat from August and remained 0.20% above the level seen in September 2009.

Industrial production remains weak declining 1.41% since the prior month remaining near the lowest levels seen since the late 1990s.