Growth lost momentum from March, but hike in foreign currency loans prompted central bank warning.
As lira trades just below 20/$ in the interbank market, rate at the Istanbul Grand Bazaar hovers in the 21s.
Seasonal pattern was most pronounced in Croatia, with 60% of tourist nights spent in July and August.
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.
Central bank governor says remittances rebounded to €2.4bn in 2022 after a dip during the pandemic.
Construction activity measured by the construction works index in Romania increased by 12.7% y/y in Q1.
Inflationary pressures are easing in the wake of the economic slowdown.
Moldova’s statistics office reported that the country’s overall trade gap increased by 26% year on year to $1.23bn.
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.
Most Hungarian analysts believe that GDP will grow 0.5-1% this year, which is below the government’s 1.5% target.
Annual consumer price inflation in April 2023 in Russia declined further to 2.3% year on year after 3.5% y/y seen in March, posting the lowest CPI since February 2018, according to the latest data from RosStat statistics agency.
The index’s decrease since February has been largely due to the high reference base from last year and falling prices in the energy sector.
Hungary’s industrial production fell 4.1% y/y in March, and by 4% when adjusted for working days.
The step was the fourth rate cut since December brings policy rate down to 10%, from 21.5% in September 2022.
Annual inflation in Ukraine dropped to 17.6% in April, down from 21.3% in March, Interfax Ukraine reported on May 10.
Russia’s budget deficit expanded further to RUB3.424 trillion ($45bn) in January-April, sailing past the target for the full year of RUB2.9 trillion, the Finance Ministry reported on May 10, but the monthly deficits are already moderating.
Central bank says decision reflects easing of cost-push pressures from the international environment and the stabilisation of global supply chains.
Albania’s currency, the lek, continued its rise against the euro in the first five months of 2023, reaching new highs against the European single currency.
Decision balances robust economic growth in Q1 with rising uncertainty related to fiscal policy and use of Resilience Facility.
Fall in gas imports masks worrying hike in food imports and persistent large trade deficit for chemicals.