He added: "If you keep Germany out of the picture, where else does growth come from in the euro zone? This underline s the reliance the euro zone has on Germany both as the banker, tax payer and as the arbiter of growth in the euro zone."
(Read more: Why euro zone slowdown should worry the world)
Jim McCaughan, chief executive of asset management firm Principal Global Investors, told CNBC that he did not expect output in the euro zone to pick up anytime soon.
"If you look at Europe, there's not the policy mix, there isn't the productivity and there's a debt overhang, I just don't see where the growth is going to come from so I'm pretty cautious about Europe fundamentally," he warned.
Despite these concerns, however, manufacturing in peripheral euro zone countries also showed an upturn in December.
Spain's manufacturing index rose into expansion territory, hitting a two-month high of 50.8 in December; while manufacturing in Italy reached a 32-month high of 53.3. Even Greece saw an improvement; the contraction in industrial output narrowed, enabling its index to reach a 52-month high of 49.6 in December.
-by CNBC's Holly Ellyatt, follow her on Twitter
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