Not only did the boost to GDP shrink from the second to third quarters, the slowing of the growth of both imports and exports is a reflection of a weak world economy.

FORBES: The Revised Third Quarter GDP--Better, But Not By Much

"On the contrary, if you look at the services sector, we see that the PMI continues to fall and is now at the lowest level since 2009 and this is a reflection of extremely weak domestic demand and with the budgetary austerity continuing in Europe for sure, domestic demand is going to remain negative in the near future, " he said.

BBC: Eurozone output contracts again, PMI survey says

Emerging Europe is clearly facing a new normal of much lower growth, a reflection of slow growth in key western European markets, weak banks, lower levels of foreign investment, fiscal consolidation and efforts at much- needed structural reform.

FORBES: If You're Looking for Economic Stagnation Don't Look at Russia, Look At Hungary and the Czech Republic