Ukraine’s Economy Ministry has dramatically downgraded its 2020 macroeconomic forecast and predicts a 3.9% y/y contraction in the economy in 2020, down from its previous prediction of 3.7% y/y growth at the start of the month.
The Russian Ministry of Finance announced on March 19 that it has transferred last year's budget surplus to the National Welfare Fund (NWF), which now amounts to about RUB12,200bn ($157.2bn), or 11% of GDP
No one knows if there will be a summer tourism season at all in 2020, which is bad news for the countries that generate around a quarter of their GDP from the sector.
Economic consultancy Capital Economics has slashed its growth forecast for the Central and Eastern Europe (CEE) to a 2% y/y contractions from the previous 2.3% expansion in 2020, as a result of the coronavirus.
Ukraine's industrial output fell 1.5% y/y in February
The Watcom shopping index fell to 464 in the eleventh week of this year from its annual International Women’s spike on March 8 of 501, but so far the impact of the coronavirus (COVID-19) has not made itself felt on foot traffic in Moscow’s leading malls.
February marked a gain of 3.9pp in retail turnover growth in comparison to the y/y expansion recorded in January. That will be the last positive reading from the retail sector as March figures will tank as an effect of the coronavirus lockdown.
Russia’s central bank kept its key rate on hold at 6% annually despite the sudden devaluation of the ruble and panic selling on the stock market.
Russia’s industrial production was up 3.3% year-on-year in February, but that was largely because this year is a leap year and February had an extra day.
Vienna-based think tank expects the coronavirus pandemic to result in the worst year for the region since the global financial crisis.
Russia’s Central Bank of Russia (CBR) faces a tough choice on March 20 at its monthly monetary policy meeting: to cut rates or hike them.
The CPI will now begin its descent, as the radically altered macroeconomic environment in the aftermath of the coronavirus pandemic takes hold.
Slovenian government-related institute IMAD has halved its GDP growth forecast for 2020 to 1.5% from 3% due to the uncertainty caused by the coronavirus pandemic.
Ukraine’s consumer prices dropped 0.3% m/m and to 2.4% y/y in February on the back of cooling prices for food, housing and utilities, and clothing and sportswear, the State Statistics Service reported on March 10.
The fall in the CROBEX came on a day of chaos on the international exchanges amid a slump in oil prices and the economic disruption caused by efforts to contain the coronavirus.
Ukraine's international reserves increased by 1.3% month on month, or by $330mn, to $26.623bn in February, according to the website of the National Bank of Ukraine (NBU).
Bond markets in emerging Europe were off to a strong start in January but the impact of the coronavirus was already visible by February as bond issues began to drop off.
Albania is almost entirely dependent on hydropower for its electricity, and thus the amount of power produced can vary widely from one season to another depending on the weather.
The retail sales volume index in Romania increased by 11.1% y/y in January — exactly when retail sales were expected to slightly ease, but instead achieved the highest annual increase in nearly two years.
The services sector has been consistently growing in the last few years as an increasingly large part of the economy goes online and, since December 2019, real incomes have started to grow again.