This is especially true with respect to the European Union and its single internal market. Not only do German exports contain inputs from other EU Member States: US goods and services may also reach German customers via our partner countries.
The level of GDP in Australia is 27 per cent higher than it was in 2007. In comparison, in the US, it is 13 per cent; in the UK, 10 per cent; while in the euro area, the pre-crisis level of GDP was only regained in 2015.