Bert Colijn, a senior Eurozone economist at ING, notes that еру Eurozone industry ended the year on a miserable note as production fell by 2.1% in December. 

"The contraction in production, which has now completed its second full year, has left production 6.9% lower than it was at its December 2017 peak. November production had shown a slight uptick, but December indicates that it is too soon to call an end to the eurozone industrial recession."

"Declines were found across the monetary union as Germany, France, Italy and Spain all experienced a contraction in production that was larger than 2%."

"Despite declining production, optimism has been on the rise among manufacturers. This is mainly because of the phase one trade deal between China and the US and a cooling down of trade tensions between the US and EU."

"But uncertainty about the impact of the coronavirus on the global supply chain has put a spanner in the works. While it is very difficult to estimate the impact of the virus on European production, it is likely to delay and subdue the recovery of industrial production somewhat more."