The German economy avoided a technical recession in the third quarter of 2019 helped by growth in private consumption but saw 0.2 per cent growth in the fourth quarter in spite of the slowdown in manufacturing.
However, the situation is worse for the other two largest eurozone economies France and Italy, which shrank by 0.1 per cent and 0.3 per cent respectively in the fourth quarter of 2019.
And there was hardly any growth during the same period for the remaining eurozone economies, growing at around 0.1 per cent during the three months to the end of December 2019, in spite of the efforts of the European Central Bank (ECB) to stimulate growth.
The ECB has played a pivotal role in trying to steady the eurozone economic area since the last major financial crises through its monetary policies. The central bank, especially under the stewardship of previous President Mario Draghi, never shied away from introducing stimulus packages designed to boost growth in the eurozone, such as quantitative easing, buying up financial assets and creating new money. The bank also maintains very low-interest rates, including staying below zero. As things stand, the ECB's approach is unlikely to change soon unless there is a turnaround in the anaemic state of the economies in the eurozone.