Which will be grim news for Wayne Swan
French and German economies contracted at end of 2012:
"The German and French economies both contracted in the final three months of 2012, official figures have shown. Germany - the eurozone's largest economy - saw its gross domestic product (GDP) shrink by 0.6% as exports declined. That was the deepest contraction since the first three months of 2009 - the height of the financial crisis. The French economy shrank by 0.3% in the fourth quarter. Both numbers were worse than forecast."
Japanese economy contracts for third straight quarter
"Japan's economy contracted for the third straight quarter in the three months to end of December, underlining the challenges the new government faces in reviving growth.
The economy shrank 0.1% compared with the previous three months. Most analysts had forecast growth of 0.1%. That is equivalent to an annualised dip of 0.4% in gross domestic product. Japan's growth has been hurt by a drop in exports to key markets as well as subdued domestic consumption.