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But that, in turn, will harm domestic demand, weakening growth and fiscal revenue still more.
With demand weakening in the main export markets, a brief contraction in output is possible.
The grim figures add fuel to a furious debate over whether an insistence on austerity is creating a self-perpetuating cycle where state spending cuts diminish demand, weakening tax revenue and further straining government finances.
While the central bank managed to significantly reduce inflation and stabilize the economy under the monetary targeting, financial innovation and deregulation as well as financial sector reforms generated a growing instability in money demand, weakening the relationship between money and inflation (Andújar 2014).
With heating demand weakening, "you're going to have excess gas on the pipeline," said Edward Kennedy, vice president of Pioneer Futures in Miami, an energy trading company.
With aggregate demand weakening, employment "has been further hit by fiscal austerity programs in a number of countries, which often involved direct cutbacks in employment and wages, directly impacting labor markets".
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If demand weakens, they are usually cash-flow positive.
But if consumer demand weakens further, businesses could start cutting back.
Many companies lent more to customers to drum up sales as demand weakened.
British manufacturing also slowed in September as demand weakened at home and in Europe.
The figures released on Friday imply that export demand weakened in December, while domestic demand picked up speed.
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