Sales of new passenger cars and light commercial vehicles (LCVs) in Russia continued its decline, decreasing by 6.4% in November 2019, according to the report by the AEB Automobile Manufacturers Committee.
Level of 77.35 compares to record low of 62.45 seen in September 2018 following the currency crash.
Inflation level won’t stop rate-setters easing further next week says one analyst. Another says they face a “difficult decision”
Data imply consumers could be losing their appetite for taking on fresh debt despite new availability of cheaper loans.
Analysts were caught off guard by the sudden plunge of Russia’s November manufacturing PMI result to 45.6, the lowest result in a decade, from an already low 47.2 in October.
Czech manufacturing sector continued to crash in November, with IHS Manufacturing Purchasing Managers Index down to 43.5 from 45.0 in October, driven mainly by decreasing production and new orders.
Russia’s IHS Markit Russia Manufacturing Purchasing Managers’ Index tumbled to 45.6 in November, down from 47.2 in October – the worst performance across the Russian manufacturing sector for over a decade.
Ukraine’s current account deficit shrank to $0.7bn in October from $1.1bn in September due to a positive switch in the primary income balance, the National Bank of Ukraine reported.
“A number of panellists continued to report upwards price pressures as a result of currency weakness, but this was much less of an issue than this time last year," says IHS Markit.
Czech annual economic growth slowed to 2.5% year-on-year in 3Q19, up by 0.4% quarter-on-quarter, driven by both the domestic and external demand, down from a y/y growth of 2.7% in 2Q19, according to the statistics office
Domestic demand drove the headline result in July-September, although the pace of its growth slowed, while investment growth weakened considerably.
The pick-up in economic expansion in the third quarter arrived on the back of investment growing 8.1% y/y.
The foreign share of investors into the Russian Ministry of Finance ruble-denominated OFZ treasury bills reached 32% in November as foreign investors increased their holdings again to RUB2,837bn ($44.2bn) worth of the bonds.
Ukraine’s hryvnia has gained 15% in value YTD and that is causing problems for the export orientated economy. The hryvnia passed the UAH24 to the dollar mark on November 27, a level it hasn't seen since 2015.
The Hungarian forint extended losses on the interbank market, slipping to 337.2 versus the euro on November 26, with analysts blaming the central bank's extremely loose monetary policy.
The Czech Republic recorded the lowest unemployment rate in the European Union in 2018, for the third consecutive year, at 2.2%, followed by Germany with 3.4% rate, according to data published by the Czech Statistics Office
Ukraine's economy stumbled in October, after industrial output plummeted by 5.0% year-on-year after contracting by 1.1% y/y in September, the nation's state statistics service Ukrstat reported on November 22.
The reading sees PPI inflation drop below the zero line for the first time since February 2018.
Ukraine retail sales advanced 10.2% year-on-year in real terms in in January-October, accelerating from 9.8% y/y, the nation's state statistics service reported on November 20.
The Czech economic growth is projected to slow to 2.1% in 2020 from 2.6% this year, driven mainly by falling household consumption and reduced government spending says the OECD