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.
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.
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.
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’ 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).
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%.
Total railways cargo turnover in Russia in August 2020 amounted to 108mn tonnes, down by 1% year on year, slowing the pace of decline
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.
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.
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.
Export shock caused by demand contraction in EU. Automotive exports crash. Gold imports roughly double as embattled lira sinks.
Manufacturers raised their selling prices to the greatest extent in 23 months.
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.
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.
The IMF projects Slovenia's economy to contract by 8% in the full year 2020 due to the pandemic.
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'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.
Deposits of Lithuanian residents continued to grow at a rapid pace in July, while loans to residents decreased.
The Russian government has no idea how many state-owned enterprises (SOEs) there are, a new report from the Audit Chamber argues.
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.