Germanys national output shrank by 0.5% in the last quarter of 2012.
The data released last Thursday shows that the 17 core countries in the eurozone have not expanded as a group since 2009 and the recent meetings of European governments has yet to leave their mark on the real economy.
Sir Mervyn King warned last week that financial markets might be getting a little ahead of themselves - and you got the sense he was putting it mildly. Stock markets did indeed fall that day, in response to the news on GDP. But, investors are supposed to look forward, not back.
Is the exuberance of recent months media hype, political hype or just erroneous record collecting?