The fall of Greece: another drop in April

The Greek economy continues to crumble: Industrial production is in contraction territory, consumer confidence has plummeted, and business confidence is down

By , Guest blogger

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    This chart shows industrial production in Greece since 2000. The production index dropped to a new low in March and is more than 8 percent lower than a year before.
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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 remains in severe contraction territory, consumer confidence has fallen off a cliff, business confidence is clearly depressed and the leading index is turning down fast dropping 0.66% since March and 6.36% below the level seen in April 2010.

For May (more timely data), consumer confidence declined 0.04% from April and dropped 0.69% below the level seen in May 2010 while business confidence declined notably from April dropping 0.47% but remaining 0.86% above the level seen in May 2010.

Recommended: What would happen if Greece exited the eurozone?

Industrial production remains epically weak plunging 1.21% between February and March 2011 (less timely data) remaining near the lowest levels seen since the late 1990s.

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