How bad was the last year in Europe?
This chart from MarkitEconomics shows global manufacturing PMI readings in January 2011 vs. December 2011.
As you can see, basically every country in the world registered a weaker reading in December of last year than at the start of the year.
But in Europe, basically every country went from solidly above 50 (signaling expansion) to below 50 (signaling contraction). The only country that didn’t go from positive to negative? Greece, which was in contraction throughout the year.