If something looks unsustainable, it probably is. Even as the rest of the eurozone was grinding to a halt, Germany seemed able to escape the global downturn. No longer. A leaked report on German output growth due out next week shows Germany has finally succumbed to the pressures affecting the rest of Europe.

Germany’s falling output certainly seems dramatic. From impressive growth of 1.5 per cent in the first quarter of this year to a rapid contraction of 1 per cent in the second, it is less a slowdown than a complete reversal. Provisional estimates of growth should always be treated with caution, especially when they suggest such rapid changes in direction. This data, however, joins survey evidence on confidence, output, employment and new business which suggest Germany’s robust growth has come to an end.