Russia’s CBR maintains key rate at 16%
15 hours ago
Romania’s public debt (chart) increased by RON117bn (€23.4) during 2023, which accounts for some 7% of the country’s GDP – not far from the 25.9% advance during the COVID-19 crisis in 2020.
The public debt to GDP ratio edged up, however, by only 1.7 percentage points (pp) to 48.9% remaining safely under the 50% threshold.
Romania’s public indebtedness has remained moderate over the past three years thanks to a combination of inflation (particularly last year) and robust real economic growth. However, as both these factors are diminishing in intensity over the coming years, the fiscal deficit, expected to remain around 6% of GDP for at least 2024-2025, will put pressure on the public debt to GDP ratio, eventually pushing it above 50%.
Although not at high levels in absolute terms, Romania’s indebtedness may hinder fiscal consolidation efforts if investors turn risk-averse to the region or Romania in particular.
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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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