Russia’s manufacturing PMI remains at robust 54.3 in April

Czech GDP grew by 0.4% y/y in the Q1 2024

The estimate released by the Czech Statistical Office follows a GDP drop of 0.8% in the third quarter of 2023 and a growth of 0.4% in Q4. Following the revision released by CZSO in late March, the Czech economy declined by 0.2% in 2023 overall.

Polish CPI picks up growth to 2.4% y/y in April, flash estimate shows

Polish CPI grew 2.4% year on year in April (chart), just below the consensus line of 2.5% y/y and 0.4pp above the March reading, a flash estimate from Poland’s statistical office GUS showed on April 30.

Preliminary Q1 GDP data shows Hungarian economy posts modest rebound

GDP grew 1.1% year on year in Q1 and by 1.7% when adjusted for calendar effects.

Russia’s Economic Ministry issues bleak economic stress test scenario

Russia's Finance Ministry ran an extreme stress test on the economy for this year that assumes zero growth, a weakening ruble and falling oil and gas revenues in the worst-case scenario.

Moldova’s industrial output shows signs of recovery in February

More abundant and cheaper gas this year creates opportunity for resumption of industrial activity in Moldova.

Russia’s CBR maintains key rate at 16%

The board of the Central Bank of Russia (CBR) resolved to keep the key interest rate unchanged at 16% at the policy meeting on April 26, making a third meeting in a row that the rate is maintained flat.

NBU cuts rates 100bp to 13.5% on falling inflation

The National Bank of Ukraine (NBU) lowered the key policy rate by 100bp to 13.5% on April 25 and improved its inflation forecast as price pressure ease.

Turkey keeps policy rate constant at 50%

Central bank is, notably, no longer talking about building up its reserves in parallel with so-called monetary framework simplification policy.

Slovak unemployment inched further down to 3.88% in March

There were 167,493 job applicants in March, which is at its lowest level since the end of 2019.

Poland’s industrial production disappoints in March as output declines 6% y/y

Poland’s industrial production fell 6% year on year in constant prices in March (chart), after a gain of 3.3% y/y the preceding month, unadjusted data from the statistical office GUS showed on April 22.

Ford drives hike in car production in Romania

Romania’s automobile production increased by 7% y/y to more than 150,000 units in Q1.

Akbank launches spring syndicated loan renewals season for Turkish banks at better costs

Benefits of Turkey’s so-called economic normalisation policy clearly observed in external debt rollovers.

Ukraine's birth rate plummets to 300-year low as country’s population collapses

Ukraine’s population collapsed to 29mn souls last year, according to Ukraine Business News, with just 187,000 births recorded (including in Russian-occupied territories). This is the lowest annual figure in recorded history over the last 300 years.

Russia’s $13.4bn current account surplus in March second highest since 2007

Russia posted a $13.4bn current account surplus in March, more than double February’s $5.5bn and the second highest level for a March since 2007.

Automotive sector output in Hungary edges up 1.6% y/y in February

Headline industrial output rose 1.8% in February, increasing for the first month in about a year.

Slovak inflation eased further to 2.3% in March

Prices in the alcohol and tobacco sector increased by 19% y/y, including the 9.1% spike in tobacco prices as a result of the new consumption tax.

Polish inflation eases further to 2% y/y in March

The inflation rate landed within the National Bank of Poland’s target of 1.5%-3.5% for a second successive month

CEE falling inflation trend comes to an end

After spiking to 20-year highs thanks to the pandemic and Europe’s Russian induced energy crisis, inflation rates across the EU have tumbled in recent months. That trend has ended and CEE central banks are expected to hike rates again in 2H24.

Hungary’s CPI edges lower, but price pressures remain in service sector

Consumer prices in Hungary rose 3.6% y/y in March, but services' prices rose almost 10%.