By Tuba Ongun
ANKARA (AA) – Germany's economic morale in July deteriorated for the first time in a year, according to data released on Tuesday.
The ZEW Indicator of Economic Sentiment for Germany decreased by 5.7 points from the previous month to 41.8 points in July, marking its lowest level since March.
In contrast, the assessment of the economic situation in Germany rose by 4.9 points from June to minus 68.9 points this month.
Highlighting the worsening economic outlook, ZEW President Achim Wambach said, "The fact that German exports decreased more than expected in May, the political uncertainty in France, and the lack of clarity regarding future monetary policy by the ECB have contributed to this development."
The ZEW indicator of economic sentiment for the euro area fell by 7.6 points to 43.7 in July.