By Jonathan Davies

The German economy is failing and showing signs that it is on the verge of another recession. It would be the country's third in just six years.

The ever growing fears over the eurozone were far from eased this morning (Tuesday) when yet more worrying economic data was released.

Industrial production for the eurozone was down 1.9% in August, compared with August 2013. And Germany was the driver behind that. Just one country had a worse performance for industrial production (Hungary -5.8%) than Germany's fall of 4.3%.

That came less than a week after it reported the sharpest monthly fall in exports for more than five years. Although Germany's exports were effected by the school holidays falling in August this year, rather than July, they reported a fall of 5.8%.

And if things weren't bad enough as it is, business confidence is falling as well. The ZEW economic institute's latest survey shows that investor confidence in Germany turned negative for the first time in two years. The survey says the German economy has "deteriorated significantly".

A number of disappointing figures released over the last few weeks have been supported by the fact that levels are still above their pre-crisis peak. But the same cannot be said for the eurozone's industrial output. It is now a tenth lower than four years ago.

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