Recent data have provided reassurance that, in comparison to the US and UK, the euro-zone is experiencing a relatively moderate slowdown in activity. But there are growing signs of a north-south divide emerging amongst the region’s major economies. On the one hand, the Italian economy now appears to be in recession and it looks even more likely that Spain is headed for a hard landing. But on the other, the German industrial sector is so far bearing up very well against the strong euro and weakening global demand.
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