Recession is spreading across German industrial sector – Ifo economist

Germany’s economy should see slight growth in the second half of the year, but recession is spreading across its industrial sector, Ifo economist Klaus Wohlrabe told Reuters on Thursday.

“German industry faces turbulent times ahead,” Wohlrabe said. “Recession is spreading across all important sectors of German industry … Business sentiment deteriorated in key sectors except the auto industry (in July).”

German business morale sank in July to hit its lowest level in more than six years, the Ifo institute’s survey showed earlier on Thursday.

Source: Reuters