German GDP may decline in the fourth quarter. German exports were flat year on year in November, with sales to the euro zone down a hefty 5.7 per cent from the previous year. But the country’s slowdown is likely to be temporary. Emerging markets will drive Germany on.
The 10.4-per-cent increase in exports outside the European Union in January to November compared with the previous year reflects what has been taking place for the past remarkable decade – and is a sign of things to come.