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CEE falling inflation trend comes to an end
3 days ago
The gross debt stock of Turkey's central government increased by 0.87% m/m and 16% y/y to stand at TRY921bn (€171bn) in April, the Treasury announced on May 21.
The gross debt stock was TRY760bn at the end of 2016 and TRY876.5bn at end-2017.
The country’s domestic debt stock rose by 0.49% m/m to TRY553bn, while the external debt stock edged up 1.45% m/m to TRY368bn.
Across January-April, Turkey’s central government budget deficit expanded by 30% y/y to TRY23.2bn. The government is targeting a budget deficit of TRY65.9bn in 2018.
For the full year of 2017, the central government budget balance showed a deficit of TRY47.4bn, below expectations at around 1.5% of GDP.
Under Turkey’s medium-term economic programme, the targets for the budget deficit/GDP ratio are 1.9% for both 2018 and 2019 and 1.6% in 2020.
The government’s budget was stretched by a set of economic stimulus measures brought in during the build-up to the April 2017 referendum, which officially resulted in a Yes vote for an executive presidency.
On May 1, the Turkish government announced election incentives for 12mn retirees that will cost TRY22-24bn by year-end.
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Data
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%.
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Czech inflation stagnated at 2% in March
Consumer price indices (inflation) in Czechia remained at 2% in March, the same year-on-year growth as in February, which is the lowest inflation rate since December 2018.
Ukraine records lowest inflation in over three years
Ukraine's inflation rate dropped to its lowest level in more than three years in March 2024, marking a significant slowdown in consumer price growth, according to data released by the State Statistics Service.
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