Eurozone will have to rely more on Germany as Italy and Spain weaken

Data published by Markit Economics (release) has shown the outlook for the bulk of the Eurozone remains bleak in February while Germany remains relatively strong:

Nations ranked by all-sector output growth (Feb.)
Germany: 53.3, 2-month low
Ireland: 52.8, 6-month low
Spain: 45.3, 2-month low
Italy: 44.4, 3-month low
France: 43.1, 2-month high

Purchasing Managers Index data tends to correlate strongly with GDP:


Markit's Chris Williamson said:

Worryingly, the divergence between Germany and France so far this year is the widest in the 15-year survey history. Germany is on course to see the strongest quarterly growth since the spring of 2011, but France is contracting at the fastest rate for four years.
The deteriorating picture in the periphery is also a concern. Rates of decline picked up in Italy and Spain, with further weakness likely in Italy especially in coming months due to the uncertainty caused by the elections.