// The German motor//
The euro area is ever-more reliant on Germany
The European Commission released its latest GDP figures on May 15th. In a rare bit of good news, the data are better than expected for some countries, most notably Germany. That country’s economy surpassed expectations by managing to grow by 0.5% during the first three months of the year. As a whole, the euro area registered stagnant growth, and without Germany its economy would have declined by 0.2%. Germany accounts for about 28% of euro-area output, yet its contribution to euro-area growth has increased markedly since 2004. It was responsible for 58% of the region’s growth in output between 2009 and 2011. Meanwhile the euro zone’s peripheral countries—Portugal, Ireland, Italy, Greece and Spain—have seen their contribution decline from a pre-crisis average of 45% to a drag of 10% since 2007.
from Graphic detail http://econ.st/KcEL2p http://bit.ly/JBhsCU