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In Germany and France, despite analysts' forecasts, the economy continues to be in a difficult situation and neither the manufacturing nor the service sectors are showing signs of growth.
The year 2024 "entered with the left foot" in 2024 in the European economy, as the activity in the private sector marked a contraction, for the eighth consecutive month, in January, while the data for the second half of 2023 are already talking about a recession .
In particular, the S&P Global Purchasing Managers' Index – PMI strengthened slightly to 47.9 points, but was still below the 50-point mark that indicates a recession. The slight improvement came thanks to the manufacturing index, which hit a 10-month high but dipped below 50 points.
In contrast, the services sector recorded a decline, against the forecasts of analysts who expected a recovery. In a few days, Eurostat data for the last quarter of 2023 will be published, which is widely expected to confirm that the European bloc is in recession.
According to indications of private sector activity in Germany and France, Europe's two largest economies are still in a difficult situation.
In fact, despite analysts' forecasts, the economies of both countries continue to decline even in 2024, and neither the manufacturing sector nor services show signs of growth.
Although Germany appears to have escaped recession in 2023, many analysts and market participants predict that it will not avoid it this year.
"Assessing the performance of Germany and France, the only question that arises is who will face more difficulties.
But the climate beyond the Eurozone is showing signs of improvement, giving Germany, with its considerable export exposure, a relative advantage," said Cyrus de la Rubia, economist at the Hamburg commercial bank. / Kathimerini
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