Data
Albania’s annual CPI inflation slows slightly to 1.3% in August
Central bank governor Gent Sejko says the current monetary conditions provide the necessary stimulus to encourage economic growth and for the return of inflation close to the target of 3% by 2022.
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Romania’s statistics office confirms 10.5% GDP decline in Q2
The decline was softer than expected, while sentiment: short term indicators such as industrial production and retail sales point to a quick resumption of activity while health risks remain high.
Croatia had second-deepest GDP contraction across the EU in 2Q20
Tourism-dependent Spain and Croatia were worst hit by the coronacrisis among EU members while the Baltic and Nordic countries were least affected, Eurostat finds.
North Macedonia posts deep GDP contraction of 12.7% in 2Q20
The contraction was expected due to the full impact of the coronavirus pandemic on the country’s economy in Q2. The central bank expects the economy to contract by 3.5% in 2020.
Belarus is bleeding money as reserves fall $1.4bn in a month
Belarus’ hard currency reserves fell by $1.4bn to $7.46bn as of September 1, down some 16% from $8.8bn (including gold) just before the current protests began in early August, according to National Bank of the Republic of Belarus (NBRB).
Romania’s retail sales boast strongest growth in Europe again
Retail sales in Romania shot up by 4.8% y/y in July to nearly reach pre-crisis levels, and online sales surged by 48%.
Railway cargo turnover in Russia shows signs of recovery in August
Total railways cargo turnover in Russia in August 2020 amounted to 108mn tonnes, down by 1% year on year, slowing the pace of decline
Russian weekly inflation at zero at end-August
Weekly consumer price inflation in Russia for the week of August 31 remained at zero, according to the latest data by the Rosstat statistics bureau.
Turkey’s official inflation announced as flat at 11.8% while lira stumbles to new low
Knowing central bank is politically hamstrung when it comes to formal rate hikes, market waits to see if it will bring in more backdoor monetary tightening.
Russia services PMI sees sharp rise in August’s business activity
The seasonally adjusted IHS Markit Russia Services Business Activity Index continued at its high bounce-back level, posting 58.2 in August, only slightly down from 58.5 at the start of the third quarter.
Turkey’s trade deficit jumps in August on export slump and bold gold imports
Export shock caused by demand contraction in EU. Automotive exports crash. Gold imports roughly double as embattled lira sinks.
August PMI shows Turkish manufacturing strengthening again but hit by input costs rising on weak lira
Manufacturers raised their selling prices to the greatest extent in 23 months.
Russia’s manufacturing PMI back in the black, rising to 51.1 in August
Russia’s manufacturing PMI was back in the black, rising to 51.1 in August from the mild contraction of 48.4 in July and completing the recovery from the index’s total collapse in the second quarter due to the coronacrisis.
Russian EconMin said to improve 2020 outlook
The revised fiscal outlook prepared by Russia's Ministry of Economic Development for September might include a notable upward revision of GDP forecasts from the previous 5% recession to a 3.9% recession expected in 2020.
Slovenia’s GDP contracted 13% y/y in 2Q20 experiencing the full effect of the crisis
The IMF projects Slovenia's economy to contract by 8% in the full year 2020 due to the pandemic.
Polish GDP contraction confirmed at -7.9% y/y in Q2
The outlook is for a mild recession compared to fellow EU members but it is clouded by uncertainty regarding how the pandemic will unfold in the colder months.
Serbia posts strong GDP fall of 6.4% in 2Q20 amid coronacrisis
Serbia's economy contracted by a real 6.4% y/y in the second quarter of 2020, reversing a real 5.1% annual hike in the previous three months.
Lithuanians saving more, borrowing less
Deposits of Lithuanian residents continued to grow at a rapid pace in July, while loans to residents decreased.
FPRI BMB Russia: government has no idea how many companies it owns
The Russian government has no idea how many state-owned enterprises (SOEs) there are, a new report from the Audit Chamber argues.
More Russians believe country is going in the right direction
A new poll from independent pollster the Levada Center shows a 9% rise in the number of Russians that believe the country is “going in the right direction” to 51%, its highest level since February this year.