The latest hard data have confirmed that the euro-zone ended 2012 on a very weak note, but survey indicators for January have brought further evidence that the pace of contraction eased at the start of this year. The German surveys have been particularly encouraging, suggesting that the economy is now beginning to recover. However, with the French PMI falling again in January, the gap between the performance of the euro-zone’s largest two economies is at its widest since the survey began in 1998.
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