No Surprises In German GDP

Today's release of GDP data for Germany's Q4 was decidedly dull and in-line with market expectations.  A quick look at the components over the last five years (on a year-over-year basis) illustrates that, while Europe's strongest economy may be the best in a struggling bunch, the economy is far from booming:

Without even seeing the exact figures, it is obvious when looking at the above 'heat map' (green is highest and red is lowest) that growth has moderated in every category since late 2010/ early 2011.