Germany's economic morale at 11-month high in January

ANKARA

Germany's economic morale further bettered to hit an 11-month high in January, as economists expect a reduction in borrowing costs, according to data released on Tuesday.

The indicator by the Leibniz Center for European Economic Research (ZEW) for Germany's economic sentiment rose to 15.2 in January, up 2.4 points from the previous month.

The improvement was fueled by expectations of rate cuts from the European Central Bank and the US Federal Reserve in the first half of this year, ZEW head Achim Wambach stressed.

An index of current conditions in Germany, on the other hand, fell marginally by 0.2 point to minus 77.3 points.

The ZEW indicator of economic sentiment for the euro area dropped 0.3 point month-on-month to 22.7 in January.

The situation indicator for the eurozone, on the other hand, grew 3.4 points to minus 59.3 points.