Monday, September 12, 2011

The Fall of Greece: July 2011

Looking at the most recent OECD economic indicators, Greece makes by far the weakest showing in all the Eurozone as it continues to plod through tremendously difficult economic times.

Industrial production is collapsing further into severe contraction territory, consumer confidence remains distressed, business confidence remains depressed and the leading index is turning down fast dropping 0.4% since June and 6.84% below the level seen in July 2010.

For August (more timely data), consumer confidence rose a meager 0.18% from July but dropped 5.17% below the level seen in August 2010 while business confidence increased a slight 0.28% from July climbing 0.86% above the level seen in August 2010.

Industrial production remains epically weak plunging a stunning 3.97% between May and June 2011 (less timely data) remaining near the lowest levels seen since the late 1990s.