April 24, 2018 / 9:04 AM / in 5 months

Germany far from recession, says Ifo economist after index drop

BERLIN (Reuters) - The fifth consecutive deterioration in Germany’s Ifo business morale survey does not represent a trend reversal in Europe’s biggest economy, the institute’s economist Klaus Wohlrabe said on Tuesday, adding recession was a long way off.

“The fifth drop in a row is a sign of normalisation, we are far from a recession,” Wohlrabe told Reuters.

Wohlrabe also said, however, that the economy was nearing its capacity limits. “That is acting as a brake,” he said, adding a cooling off of the global economy was also a factor. He expected economic growth of 0.4 percent in the first quarter after 0.6 percent in the fourth quarter.

Reporting by Rene Wagner; Writing by Madeline Chambers; Editing by Paul Carrel

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