German economy facing recession, Ifo surveys head says

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Pedestrians walk past a Ukrainian flag hanging in support of the country on an apartment building in Berlin

BERLIN (Reuters) – The German economy is facing recession and almost all sectors are in the red, the Ifo surveys head Klaus Wohlrabe told Reuters on Monday.

Energy intensive industries are particularly pessimistic about the coming months and nearly two thirds of companies are concerned about supply bottlenecks, he said.

(Reporting by Christina Amann; writing by Matthias Williams, editing by Kirsti Knolle)