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Germany s economy stutters, even if thefundamentals are strong 即使家底殷实，依然难逃困境 BLAMING Germanyor at least the austerityprescribed for the euro zone by Chancellor Angela Merkelfor Europe s ills may be popular inFrance. But Germans are inclined, not without some pride, to see their economy as thestrongest horse to pull the euro zone out of its misery. Hence the fear caused by a surprisingupdate this month: real output shrank by a seasonally adjusted 0.2% in the second quarterfrom the first, and manufacturing by 1%. 为了解决在法国肆虐的欧洲经济问题，德国至少是德国总理默克尔，制定了经济紧缩计划。但是德国并没有居功自傲，他们更倾向于将自身经济看作一匹最强壮的马，来拉动欧元区走出困境。因此，这种令人惊讶的上升也在这个月带来了担忧：从第一季度到第二季度，真实输出缩减调整到0.2%，制造业调整为1%。 Part of the explanation was statistical. Thanks to a mild winter, there was more constructionthan usual in the first quarter. But geopolitical crises, especially in Ukraine, had a bigger impact.German exports to Russia have plummeted. Given the timing, the drop was due less tosanctions already imposed than to expectations of more to come. Russia accounts for only 3%of Germany s total trade, so the losses were easily made up in higher exports elsewhere. Moredevastating is the rising uncertainty over Russia that is causing managers to delayinvestment. Germany s Ifo business-climate index, a widely watched benchmark, fell in August. | 
