After gloomy December data, analysts say novel coronavirus comes at 'very bad time' for German and French economies
European Central Bank President Christine Lagarde and European Commissioner for Economy Paolo Gentiloni attend a Eurozone finance ministers meeting in Brussels, Belgium on December 4, 2019.
In December, manufacturing output was down 3.5 percent month-on-month in Germany and off 2.8 percent in its western neighbour. Figures released Friday showed Germany's trade surplus – the amount exports outweigh imports – shrank slightly from 228 billion euros in 2018 to 224 billion euros in 2019. More positive "soft" indicators like German business sentiment surveys in Germany have prompted some analysts to see clearer skies ahead for manufacturers.
"The global economy was showing tentative signs of a growth pick-up and, in all likelihood, this momentum will now be stopped or even reversed." There is also the little prospect that the ECB will step in to shore up growth by further opening the money sluices, analysts said.
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