Russia’s CBR maintains key rate at 16%
3 hours ago
Estonian retail sales grew 3% y/y at constant prices in March, according to data released by Statistics Estonia on April 29, the weakest result in close to two years.
Growth has been losing pace for four consecutive months now, as it retreats from the 10% expansion seen in December. March also marked the first month since July 2014, when retail sales grew slower than 5%. This points to faltering consumer confidence, which has long been propping up the retail sales sector on the back of a tightening labour market.
That's likely bad news given that the stuttering Eurozone recovery has made consumption a vital element in economic growth across CEE. At the same time, on a monthly basis sales fared well, growing 12%. Nominal sales in March came in at €494mn.
Pharmaceuticals and cosmetics sales surged 22% on the year, while sales of manufactured goods increased 6%. Sales in grocery stores increased only 1%, compared to 7% growth in February. Sales of automotive fuel grew 2% in March, reversing on a fall of about 8% the previous month.
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Data
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.
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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.
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