As for the other Middle Eastern countries, economic activity slowed down in Egypt and Lebanon, while Qatar and the Saudi Arabia continued to post strong growth.

The Istanbul Chamber of Industry Turkiye manufacturing export climate index posted 50 in July, pointing to a standstill in export demand conditions. The index dropped from 51.8 in June, putting an end to the improved export climate since February 2021. The main source of increase in export demand was the UAE, where non-oil activities continue to rise sharply

In Europe, growth continued, though slower in the United Kingdom, Spain, France and the Netherlands. But the output in Germany, Italy, Poland and Greece dropped, ICI said in a press release.

In Germany, the biggest export market of the Turkish manufacturing industry, economic activity decreased for the first time since the beginning of the year, the highest decrease since the first wave of the COVID-19 pandemic.

Private sector activity in the United States returned to the contraction zone. The output decreased for the first time in more than two years, the highest drop since May 2020.

The index measures the operating conditions in the key export markets of the Turkish manufacturing sector. A figure above the 50 no-change mark signals an improvement in the export climate, while the figures below signals deterioration.

Outside the Middle East, the fastest output rises were seen in Asia, with a significant growth in India, Singapore and Thailand. China also saw a rise in economic activity for the second month in a row after the pandemic restrictions were loosened.

The sharpest drop in output was in Poland. The demand in Taiwan, Kenya and the Czech Republic also slowed down.

Fibre2Fashion News Desk (DS)