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Indicators show Greek economy is weakest in Eurozone

Industrial production, consumer confidence, and business confidence are all in bad shape.

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This chart shows the composite leading indicator (CLI) for Greece from 1992 through December 2010. The CLI has been falling since September 2009 and is the lowest it's been since January 1997.

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 0.35% since November and 6.95% below the level seen in December 2009.

For December, consumer confidence declined 0.33% from November dropping 5.88% below the level seen in December 2009 while business confidence increased from November and remained 0.68% above the level seen in December 2009.

Industrial production remains weak but jumped a whopping 5.25% since September (much less timely data) remaining near the lowest levels seen since the late 1990s.

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