Latvia’s industrial production output rose by 10.1% y/y in May, according to calendar adjusted data at constant prices, the country’s Central Statistical Bureau (CSB) announced on July 5.
Russia’s seasonally adjusted IHS Markit Russia Services Business Activity Index registered 56.5 in June, down from 57.5 in May, but still well above the 50 no-change mark, as services continue to recover from last year’s annus horribilis.
Industrial prices leapt by just over 2% m/m in May and kept recovering in line with the reopening of the global economy.
Inflation expectations among Russians have been high since the start of this year – more than double the actual rate of inflation – but expectations among Russia's most vulnerable are double the CBR's estimate.
Copper and zinc prices mean one kurus gives the holder a 1,539% arbitrage opportunity.
Global cost of COVID19 impact on tourism may reach $4trn in 2021, with Turkish economy hit worst, says Unctad report.
The new spike of inflation in June to 6.4-6.5% year on year combined with stronger-than-expected activity in 5M21 has reinforced the CBR's hawkish stance. We raise our CPI, GDP and key rate forecasts for this year, expecting a 75bp key rate hike.
Poland's PMI climbs to 59.4, a new historic high, from 57.2 the previous month, smashing the consensus figure of 57.
Poland's Purchasing Managers' Index (PMI) climbed 2.2 points to 59.4 in June, the new all-time high after the preceding month, the economic research company IHS Markit said on July 1.
Ukraine’s current account surplus grew to $723mn in May, up from the $443mn the country earned in April, due to a trade surplus swollen by strong exports and high commodity prices.
Retail trade turnover up by 16.5% y/y and 6.4% m/m in May as recovery continues.
The Czech Republic Manufacturing PMI index soared in June to 62.7 in June. However, problems in supply chains could take the edge off growth.
Russia’s strong economic recovery from last year’s crisis spluttered in June after soaring producer prices caused the manufacturing PMI to shrink for the first time this year.
“There were some suggestions growth could have been even stronger were it not for the ongoing difficulties in sourcing raw materials,” says IHS Markit economics director.
Russia’s current account surplus extended gains in May to reach $35.8bn, according to the Central Bank of Russia (CBR). International foreign exchange reserves hit an all-time of $605bn as of the start of June.
The largest upward driver for the annual inflation was from higher prices of petroleum products.
The country's chronic current deficit returned to a higher level after it temporarily improved during the pandemic.
Russia’s business confidence remained at highs not seen since 2012 in June, while consumer confidence is starting to improve but remains behind the historical average for the summer season, according to the latest RosStat survey.
Russia’s labour market further extended its gains in May, as unemployment declined to 5.1% in line with Bloomberg consensus projections and the real wages gain was revised up to a whopping 7.8% y/y in April, partly due to low base effects.
Producer prices in Russia jumped 35.3% year on year in May of 2021, the highest level since the series began in 2005, according to the latest Central Bank of Russia (CBR) figures.