Germany's economy just saw its worst quarter for several years, flash data showed on Wednesday morning, but with news of a draft Brexit deal and Italy refusing to budge on its controversial budget plans, you'd be forgiven for not noticing.

Initial third-quarter growth data showed the Germany economy shrunk by 0.2 percent quarter-on-quarter, the first time it has contracted since the first quarter of 2015, according to Reuters. It was also below an estimate for a 0.1 percent contraction.

More details have yet to be released, but the Economy Ministry said Germany had seen weak private consumption and strong imports in the third quarter which had a negative impact on foreign trade's contribution to growth, Reuters reported.

Germany's car industry, a key component of its export-related growth, is also seen to have struggled with new emissions standards following the "Dieselgate" cheating scandal that has rocked the sector in recent years.

German car production in September fell 24 percent from the same month a year before, data from the German Association of the Automotive Industry (VDA) showed. Meanwhile, new passenger car registrations came in at 200,100 — a decline of 31 percent over the same month in the year before.

German Economics Minister Peter Altmaier told CNBC Tuesday that he is not concerned about the economy, however.

"I'm not very much concerned because the third quarter was very much influenced specifically by the car manufacturing industries," he told CNBC's Annette Weisbach.