The unemployment level in Slovakia inched down to 3.83% in September. This is down by 0.04 percentage points month on month and by 0.15 pp year on year.
Central bank leaves base rate unchanged at 6.50%, but most analysts expect a rate cut to 6.25% by the end of 2024.
Analysts point to weaker consumption linked to slowdown in nominal wage growth and rebound of inflation.
Slovakia’s gross domestic product growth was revised to 3.3% in the first quarter (up from 2.7%) and to 2% in the second quarter (up from 1.9%) of this year.
ING sees decline as a temporary weakness as investment impulse related to EU funds slowly gains momentum.
Government’s new economic action plan includes measures aimed at stimulating the housing market and addressing the acute housing crisis.
The acceleration comes after two months of easing and is in line with the headline inflation rate.
Output in Hungary fell 4.1% y/y and 0.5% m/m.
Analysts now expect the CPI to keep growing until the end of the year, all but preventing the central bank from cutting rates.
Consumer prices rose 3% year on year (chart) in September, the lowest figure since January 2021, driven by the decline of fuel prices, according to monthly data by statistics office KSH. The figures were slightly lower than the consensus.
Consumer price indices (inflation) in Czechia increased by 2.6% year on year, amid a spike in food prices, and decreased by 0.4% month on month in August.
Slovakia’s industrial output increased by 0.9% year on year and by 1.5% month on month carried by strong performance in the energy sector. It is the fourth month of y/y growth in the country’s industry.
The unemployment level in Czechia was at 3.9% in September, which is a slight tick upwards from the level of 3.8% in August and July. Year-on-year unemployment rose by 0.3 percentage points, or by 27,885 persons.
Retail sales in Hungary rose 3.2% year-on-year in August and by 4.1% when adjusted for calendar year effects.
Czech industry returns to growth in August ending five-month skid
MNB says decision based on global economic, geopolitical and capital market trends.
The move was anticipated by the local market and CNB is maintaining the policy of lowering rates it has pursued since December.
Poland’s industrial production contracted 1.5% year on year at constant prices in August (chart), after a revised gain of 5.2% y/y the preceding month, unadjusted data from the statistical office GUS showed on September 22.
The PPI has been on a declining trend trailing the economic slowdown in Poland.