Ifo institute cuts German 2019 GDP f'cast, sees recession in Q3

The Ifo economic institute on Thursday cut its 2019 growth forecast for Germany and said a recession would hit Europe's largest economy in the third quarter.

Ifo cut its growth forecast for this year to 0.5% from 0.6%. It also said the economy would probably shrink by 0.1% in the third quarter, which would amount to a recession after a similar contraction in the April-June period.

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