August 26, 2019 / 8:34 AM / a month ago

Germany is facing a recession: Ifo economist

Volkswagen export cars are seen in the port of Emden, beside the VW plant, Germany March 9, 2018. REUTERS/Fabian Bimmer/Files

BERLIN (Reuters) - Germany is facing a recession, an economist at Germany’s Ifo economic institute said on Monday, as the institute’s business climate index fell to its lowest level since August 2012.

“There will be a stagnation in the third quarter at best,” Klaus Wohlrabe said, adding that this would also apply for final gross domestic product (GDP) figures for the second quarter, which Germany’s statistics office is due to release on Tuesday.

“We are facing a recession,” he told Reuters.

Wohlrabe added that although the business climate improved in Germany’s struggling auto industry, it significantly deteriorated in the engineering, chemicals and electrics sectors.

Reporting by Rene Wagner; Writing by Tassilo Hummel; Editing by Paul Carrel

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