Household borrowing weakened for the second quarter in a row, in response to the tighter lending regulations enforced by the central bank in January.
While below market expectations, the expansion in July is in line with Poles’ increased consumer spending that is driven by the good situation on the labour market, low unemployment and growing wages in particular.
The July growth follows a decline in June – the first in three years – that was due to fewer working days and surging temperatures. The July data suggest “stable GDP growth in the third quarter,” according to ING.
In Q2, banks' aggregated profit plunged by 48% y/y €202mn deteriorating compared to both last year and the first quarter.
Rollover ratio registers at 95% compared to 73% target.
The BET index has gained over 22% since the beginning of this year while the BET-TR index, which also includes the dividends paid by BET companies, recorded a return of 33%.
Russian industrial output growth slowed down to 2.8% year-on-year from 3.3% seen in June, trending below the consensus expectations of 3.4% growth, and showing a seasonally-adjusted month-on-month decline of 0.4%. In January-July overall industry exp
Year-on-year inflation in Slovakia rose to 2.9% in July, up by 0.2 percentage points (pp) from June, with core inflation standing at 2.5% and net inflation at 1.9%, the data of the Slovak Statistics Office (SSO) showed on August 13.
Household consumption and external demand drove the economy in 2Q19.
Romania’s industrial production plunged by 6.6% y/y in June, dragging down the quarter’s performance to negative 1.7% y/y as the production of traditionally robust industrial sectors disappointed.
Local investors were responsible for 59% of real estate investments in Bulgaria in 1H19, reversing the trend seen in the last two years as the volume of foreign investment tumbled, a report from Colliers shows.
GDP growth figures from the second quarter of this year were down on the first quarter but showed that growth was still being supported in Central and Eastern Europe by domestic demand that has gone some way to offsetting an EU slowdown.
Economic growth in Q2 was higher than expected by most analysts, as recent industrial and retail sales data suggested slower growth between April and June.
The figures confirm the improvement in the industrial and construction sectors in Q2, compared to their more sluggish performances in Q1, when growth was driven by private consumption.
The Czech inflation was up by 0.2 percentage points (pp) month-on-month in July to a 2.9% taking it back to its May level after a slowdown in June, data from the Czech Statistics Office (CSO) published on August 12 showed.
Slovakia’s industrial production contracted by 2.1% year-on-year in June, a sharp fall from the 4.7% expansion the previous month, and fell to its lowest level since April 2017, Slovak Statistical Office data showed on August 9.
The Slovenian construction sector posted growth in all areas in 2018, but turnover has not yet returned to where it was pre-crisis and there are indications that growth is about to slow.
Croatia saw an 11.2% y/y increase in tourist arrivals in June, as the sector rebounded after bad weather resulted in a disappointing May performance.
The 0.9% GDP growth in the second quarter of this year was an improvement on the soggy 0.5% in the first quarter.
Ukraine’s consumer inflation declined 0.6% m/m in July after dropping 0.5% m/m in June, due to price decreases for food, clothing and footwear, communal services and transportation.