Friday, December 17, 2010

The Fall of Greece: October 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 remains in severe contraction territory, consumer has fallen off a cliff, business confidence though trending up is clearly depressed and the leading index is turning down fast dropping 0.02% since September and 6.49% below the level seen in October 2009.

For November (more timely data), consumer confidence declined 0.21% since October dropping 6.54% below the level seen in November 2009 while business confidence increased from October and remained 0.57% above the level seen in November 2009.

Industrial production remains weak but jumped a whopping 5.20% since July (much less timely data) remaining near the lowest levels seen since the late 1990s.