Business conditions in Turkish manufacturing sector stayed subdued in May shows latest PMI data

Muted customer demand and ongoing price pressures noted. Economic slowdown in Europe a headache for exporters.

Russia’s manufacturing PMI back in the black, despite the war shocks

The S&P Russian manufacturing PMI was back in positive territory in May, posting an expansion of 50.8, up from 48.2 in April as the chart shows. Any number above the no-change 50 indicates an expansion.

Polish CPI growth accelerates to 13.9% y/y in May in line with expectations

Tight labour market is expected to give ever stronger momentum to wage demands to compensate for inflation.

Czech economy up by 4.8% y/y in 1Q22

Central bank predicts GDP growth will slow considerably this year, with economic activity even slightly contracting year on year in the second half.

Profits of Romanian banks stay robust in Q1

The cumulated profits of the three largest banks in Romania — Banca Transilvania, BCR and BRD — exceeded RON1bln in Q1.

Romanians cash term deposits to buy foreign currency

Households have cashed part of their term deposits, as the deposit interest rates lag well behind inflation, but the money migrated to foreign currency.

Which agricultural powerhouses can shore up world food supplies?

The war in Ukraine and a chain of unusual weather events may combine to create a global food catastrophe. New data shows which countries are the biggest agricultural exporters. These agricultural superpowers must work together to mitigate the crisis.

Russia’s net debt position goes into deficit in 1Q22, but it still has healthy reserves despite sanctions and heavy spending

Russia’s external debt is 15% of GDP – one of the lowest levels in the world – and with the concurrent relentless rise in hard currency reserves had created a net surplus position of some $153bn. Not any more.

Nine out of 10 Russians oppose concessions in exchange for end of sanctions

Russians' attitudes towards the US have nose-dived to their second worst level on record.

Russia’s CBR slashes key rate to 11% ahead of schedule

The Central Bank of Russia held an unplanned ahead-of-schedule policy meeting on May 26, at which the board of the regulator slashed the key interest rate by 300 basis points from 14% to 11%.

Fall in hydropower production puts Albania’s finances under pressure

Albania’s electricity generation fell in Q1, forcing the country to increase imports more than sevenfold at a time when prices are soaring.

IMF says rising prices to slow Albania’s growth to 3% in 2022

Growth will be driven by tourism and construction, but slowed by sharply rising prices – inflation has already exceeded the central bank’s 3% target.

Polish retail sales double y/y expansion rate in April

Polish retail sales grew 19% y/y at constant prices in April, the growth rate nearly doubling versus a gain of 9.6% y/y the preceding month.

Polish industrial production eases growth in April

Industrial output expanded 13% y/y in constant prices in April, after growing 17.3% y/y the preceding month.

Moldova’s industry up 3.3% y/y in Q3 driven by food, beverages and wood processing

Last year the country’s industry rallied driven by robust domestic demand and leapt up by 12.4% — but this year the growth rate is likely to slow down close to a standstill.

Slovak jobless rate in April at its lowest level in past two years

Unemployment down from 6.67% in March to 6.54% in April.

Russian population's inflation expectations drop six points to 12.5% as economic crisis fears fade

The inflation expectations of the Russian population fell 6pp in March to 12.5%, as consumers feel the relief of the rapid stabilisation of the economy thanks to the fast action of the Central Bank of Russia.

Russia’s CBR reserves down $43.7bn since the start of the war

Russia’s gross international reserves (GIR) held by the Central Bank of Russia (CBR) have fallen from $629.4bn on February 25 to $585.7bn as of May 13, a fall of $43.7bn according to the latest data released by the regulator.

Kyrgyzstan posts 10% expansion in Jan-April industrial output

Industrial inflation exceeds 25% y/y in Moldova

The industrial price inflation in April was the second-highest since last November when Gazprom began charging much higher prices under a new contract.