Germany’s central bank has warned that Europe’s largest economy is likely to tip into recession in the third quarter, dragged down by a sharp drop in German exports and a decline in industrial production.
The Bundesbank said in its monthly update that it expected Germany’s economy to remain “lacklustre” in the three months to September, adding that it “could continue to decline slightly” after it shrank by 0.1 per cent in the three months to June.
The warning added to the gloomy signals about the German economy, which has gone from being the powerhouse of the region to one of its laggards, weighed down by a combination of turmoil in the carmaking industry, the escalating US-China trade war and the prospect of a chaotic UK exit from the EU.
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