The fourth quarter was surely the clearest signal for the slowing recovery and not just in the euro area, but for major economies. The slowing recovery and waning demand among euro nations and their major counterparts hit euro area trade and suppressed exports which pushed the area's trade balance into deficit.

In November the euro area's trade balance in seasonally adjusted terms reversed in deficit recording 1.9 billion shortfall following a revised 3.5 billion surplus from the reported 3.6 billion, the figures were much worse than the expected surplus of 1.7 billion.

In non seasonally adjusted terms the nation recorded an 0.4 billion trade deficit following 5.2 billion surplus revised today lower to 4.7 billion and much below the expected surplus of 3.3 billion.