- Germany turned out to be the winner in a new, post-crisis economic reshuffle, while France has probably found itself among the losers - says Łukasz Kozłowski, expert of the Employers of Poland.
On 20th February purchasing managers index (PMI) surveys for the euro zone were released. The index for the German service sector jumped to 55.4 points, compared to the expected 53.4 points. The figure for France stood at just 46.9 points, compared to the expected 49.3 points – and it has been the biggest decline in nine months. PMI above 50 points indicates improvement in a given sector of the economy, whereas values below this threshold mean it is shrinking.
The worst possible scenario for the euro zone would be sliding back into recession - just a few months after an 18-month period of GDP decline ended. Fortunately, now it is not a plausible scenario, because the strength of the German economy offsets the weakness of France and the periphery. Due to the growing deflationary pressure and the ongoing painful process of deleveraging, escaping the debt crisis and consolidating public finances, for the time being we cannot count on a strong economic recovery in the euro zone.
Łukasz Kozlowski, expert of the Employers of Poland