Page 64 - BNE_magazine_06_2019

64 I New Europe in Numbers bne June 2019
Hungary GDP y/y%
Hungary's stellar 1Q GDP growth puts it first in Europe
Current account balance in Turkey
The week-long strike at Audi in January had little impact on GDP growth.
Hungary's first-quarter GDP growth accelerated from 4.9% in 4Q18 to 5.3% y/y in the first three months of 2019, above the 5.1% consensus, the Central Statistics Office (KSH) said in a preliminary reading on May 15. The adjusted figure was 5.2%. On a quarterly basis, the economy expanded by an impressive 1.5%.
Turkey’s current account gap contracts 88% y/y in Q1 as lira crisis crushes imports
Turkey has posted a fourth straight monthly current account deficit but the year-on-year comparison again shows a big shrinkage in the gap given the major impact on import volumes of the Turkish lira crisis.
The country’s central bank announced on May 13 that in March the account was in negative territory to the tune of $589mn. However, that was a stark reduction on the deficit of $4.73bn seen in March 2018.
Russia's Services PMI eases notably in April, composite output down
The IHS Markit Russia Services Business Activity Index posted 52.6 in April, notably down from 54.4 in March.
Russia's services sector posted a notable slowdown in April, as the May 6 report by IHS Markit showed the softest rise in services output since June 2018, while the rate of new business growth slowed down to a ten- month low.
Previously Services PMI consistently outperformed the Manufacturing PMI part of the report, pulling up the Composite Index of overall eco- nomic activity. But in April services failed to back up the manufacturing activity, which also slowed down.
Czech economic growth slows on lower external demand and household consumption
The Czech economic growth slowed to 2.5% year-on-year in the first quarter of this year from 2.6% in the 4Q18, affected mostly by lower external demand and household consumption, according to statistics data published by the Czech Statistical Office on May 15.
In quarter-on-quarter terms, GDP increased by 0.5%. Despite the slowdown and risks in development abroad, performance of the Czech economy in the 1Q19 was solid.
Russia industrial production vs PMI index
Czech GDP (y/y)
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