Eurozone manufacturing ends on a poor note, with almost no signs of an imminent economic recovery

On January 2, Eurozone December PMI data showed that the Eurozone manufacturing sector had a poor 'finish' in 2024, with factory activity declining at an accelerated pace and almost no signs of an economic recovery on the horizon. As the Eurozone's three largest economies (Germany, France, and Italy) fall into industrial recession, the scope of the Eurozone's economic downturn has once again expanded. Spain stands out due to its strong manufacturing expansion. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, stated that even in December, Eurozone manufacturing showed no signs of festive cheer, with new orders declining even more than in the previous two months, crushing any hopes for a rapid economic recovery. This viewpoint is also supported by the accelerated decline in backlogged orders.