EXPORT CLIMATE INDEX HITS AN 11̞MONTH LOW

The Istanbul Chamber of Industry (ISO) Turkey Manufacturing Export Climate Index, which measures the contributions of the country’s manufacturing industry to primary export markets, dropped from 53.9 points to 52.3 points in January as compared to December 2021. Thus, the index has fallen to the lowest level since February 2021, though it posted its 12th successive monthly improvement. The key factor behind the slowdown in the rate of improvement was a marked softening of growth in the U.S at the start of the year. The outbreak of the Omicron variant contributed to the rate of expansion easing to a marginal pace, the slowest in a year and a half. In Germany, there were some signs of improvement following a marginal reduction in output in December. Elsewhere in the Eurozone, the Omicron variant impacted operations. The strongest rates of growth in January were found in the Middle East.