In Q4 2024, activity in the Eurozone was sluggish (+0.2% after +0.4% in Q3), marking a loss of momentum in the recovery outlined at the start of the year. Over the whole of 2024, activity in the Eurozone grew by 0.8%, after 0.5% in 2023. However, this slight acceleration masks some significant disparities between countries. Germany recorded a second consecutive year of recession. In the United Kingdom too, activity stagnated at the end of the year: +0.1% in the autumn, bringing annual growth to +0.9%. Conversely, growth did not weaken in the United States (+0.6% at the end of the year and +2.8% over the whole year), driven by solid domestic demand. In China, the slowdown was confirmed in 2024 despite a resurgence at the end of the year: annual growth of 5% is the lowest recorded since the 1990s, excluding the period of the health crisis...