This is the humble result of another year of pumping cheap state credit into the economy. Still real interest rates are clearly negative in the Eurozone - so the overall economy (the private sector) will be downtrending further.

EUROZONE MANUF PMI (JAN) ACTUAL: 48.8 VS 47.8 PREVIOUS; EST 48.5

EUROZ SERVICES PMI (JAN) ACTUAL: 50.7 VS 49.8 PREVIOUS; EST 50.1

EUROZ S&P GLOBAL COMPOSITE PMI (JAN) ACTUAL: 50.2 VS 49.3 PREVIOUS; EST 49.8