The ISO Export Climate Index data released by the Istanbul Chamber of Industry (ISO) indicates that the improvement in Turkey’s manufacturing export climate continues. In February, the Export Climate Index stood at 51.1, which is almost the same as the 51.2 value in January, signaling that export demand conditions are strengthening. This marks the 14th consecutive month of improvement for Turkish manufacturers.
ISO’s statement highlighted that the Middle East remains the fastest-growing region in terms of global economic activity. The manufacturing export climate of Turkey is calculated by weighting the PMI production indices from national PMI surveys, using statistics on the export market shares of Turkish manufacturing industry exports.
Different Economic Performances in the Middle East and Europe
According to the ISO data, Saudi Arabia recorded the fastest economic growth in February, although it was slightly weaker compared to the peak seen in January. Meanwhile, in the United Arab Emirates (UAE), non-oil economic activity saw a strong increase. In other Middle Eastern countries, production rose in Kuwait and Lebanon, while it remained flat in Egypt, and Qatar experienced a decline.