Financial difficulties have affected the output of many European countries. But Germany is one such European country that has been able to defeat the growing financial crisis surmounting other European nations.

But, the financial difficulties all over the world have now begun to affect the economy of Germany as well. It is estimated that in the coming years, the financial difficulties of Germany would surge making it difficult for the country to maintain growth.

Market Strategist Heino Ruland at Ruland Research said, "The decline in output and revenues is going to be substantial in the fourth quarter and German companies know this". Following the rapid financial downturn, the industrial giant Siemens was pushed to announce cuts of 6.0 billion Euros, which will be implemented in the next two years.

It is believed that other companies in Germany would also be levying cuts. Last month, auto giant Daimler has also showed interest in imposing cuts of 2.0 billion Euros by the end of 2014. The financial sectors are also not doing because of strict banking rules and low interest rates. Deutsche Bank, one the biggest lenders in Germany has also announced plans of annual 4.5 billion Euros cut.