Page 7 - bne_Magazine_June_2017

bne June 2017 The Month That Was I 7
Economics
Central Europe
Czech inflation surprised as it retreated to 2% y/y in April. The result shows prices rose a full 0.6pp slower than in March.
Czech GDP growth accelerated above expectations to 2.9% y/y in the first quarter. Seasonally adjusted, quarterly growth rose to 1.3%.
ter, the fastest pace in over a year and ahead of analyst expectations.
Poland’s current account recorded a deficit of nearly PLN3.2bn (€738mn) in March, less than the PLN3.5bn post- ed the previous month, but widening significantly from a deficit of PLN920mn in annual terms.
Southeast Europe
Bosnian MPs missed their last chance to unlock International Monetary Fund funding by adopting legislative changes proposed by the government, which is likely to lead to the end of the much-needed deal with the fund that was signed in 2016.
Turkey’s current account deficit declined by 18% y/y to $3.06bn in March after expanding by 29% y/y in February, the central bank announced.
Eastern Europe
Ukraine’s parliament refused to adopt a bill to launch land reform. Only 17 lawmakers supported the motion with a minimum of 226 votes needed, sending a clear message to the IMF that almost all political forces in Kyiv reject the lender’s demands to launch an agricul- tural land market.
Russia’s GDP expanded by 0.5% y/y in the first quarter of 2017. This made it the second consecutive quarter of eco- nomic expansion following 0.3% growth seen in the fourth quarter of 2016.
Russia’s Consumer Price Index reg- istered a 4.1% y/y increase in April, down from 4.3% y/y growth seen in March.
Slovakia’s GDP expanded 3.1% in
the first quarter. Seasonally-adjusted data showed the economy grew 0.8% in quarterly terms.
Slovakia’s EU-harmonised index of consumer prices (HICP) dropped to 0.8% y/y in April. The reading is in line with April CPI, with both results sitting 0.2pp below their March equivalents.
Slovakian President Andrej Kiska vetoed legislation that would allow the state to start work on infrastruc- ture projects on land before it is expropriated. The bill, designed to accelerate much-needed infrastruc- ture works and prevent price gouging by landowners, represents significant interference in property rights, the president insisted.
The GDP of Belarus increased by 0.5% y/y in January-April following 0.3% growth in the first quarter and a 1% y/y decline in January-February.
Eurasia
Average growth in Central Asia is expected to rise to 3.8% in 2017 and 4.6% in 2018 following a weaker 2016, the European Bank of Reconstruc- tion and Development said in its latest Regional Prospects Report.
Kazakhstan’s first-quarter foreign trade surplus widened to $4.8bn from $3.1bn a year ago. Imports rose to $6.0bn from $5.2bn and exports grew to $10.8bn from $8.3bn.
Azerbaijan’s economy contracted 1.2% y/y in January-April on the back of reduced oil and gas output partly prompted by agreed Opec cuts in pro- duction.
The Polish economy saw growth accelerate to 4.0% y/y in the first quar-
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