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Retail sector set to enter a protracted recession, driven by inflation eating into Poles’ real incomes and the exorbitant cost of mortgage repayments due to high interest rates.
Inflationary pressures are easing in the wake of the economic slowdown.
Adjusted quarterly growth showed a huge rebound of 3.9% in the first quarter which more than compensated for the fall of 2.3% q/q in October-December.
Hungary’s industrial production fell 4.1% y/y in March, and by 4% when adjusted for working days.
PiS is betting on generous social spending once again in a bid to win an unprecedented third straight term in office.
In April Russia’s inflation rate fell below 3%, less than the Central Bank of Russia’s target rate of 4%, but it is not expected to stay there. A range of inflationary drivers are lined up to push the rate up again.
Central bank says decision reflects easing of cost-push pressures from the international environment and the stabilisation of global supply chains.
Of the many questionable statements Vladimir Putin has made over the years, the one concerning the tragedy of the collapse of the Soviet Union may have been the closest to the truth, but not in the way he intended.
The slowdown in inflation started last November and followed government measures to cap prices on basic food products.
Modest inflation, a record-high lek and one of the Emerging Europe region’s fastest projected growth rates.
Uzbekistan’s central bank on May 4 opted to leave its benchmark interest rate unchanged at 14% per annum. (chart)
Russia's manufacturing industries saw a moderate improvement in April 2023, with the business activity index falling slightly to 52.6 points compared with 53.2 points in March, S&P Global said in a press release on May 1.
Uzbekistan’s 1Q23 GDP growth rate was 5.5%, according to the country’s State Statistics Committee. Inflation in the year’s first three months was 2.4%, slowing from 2.9% in January-March. ... ...
ING presents its latest views on the Czech economic performance and outlook. Headline inflation seems to be on a descending path but continues to weigh on consumer spending. The economy will grow, but only slowly.
World Bank says reforms are needed to prepare the region for future shocks as growth is set to moderate this year.
Retail sales fell 7.3% year-on-year at constant prices in March, after a decline of 5% y/y the preceding month.
Poland’s industrial production deepened decline to 2.9% year on year in constant prices in March.
The dramatic decrease in the PPI growth rate is unlikely to translate into a similarly-paced easing of headline inflation.
The war in Ukraine is likely to drag on for years but the impact will increasingly be limited to the combatants and countries in Russia’s immediate neighbourhood, Fitch Solutions analysts forecast.
Russia is already a mining and minerals titan but as the green and EV revolutions unfold its position will only improve as minerals gradually replace hydrocarbons as Russia’s major exports and give the Kremlin fresh international leverage.