Eurozone crisis hits Germany as GDP contracts in Q4.

The eurozone's woes finally hit Germany's economy in Q4, when GDP contracted a preliminary 0.5%, which was greater than expected and marked a deterioration from +0.2% in Q3. In 2012 as a whole, German growth fell to 0.7% from 3% a year earlier, with the Federal Statistical Office saying that exports were "once again the main driving force" for the country's expansion. The data, along with fears about the U.S. debt ceiling, helped depress sentiment in global markets, and U.S. stock futures fell pre-market.