Page 70 - bne magazine September 2021_20210901

70 I New Europe in Numbers bne September 2021
Russia Watcom shopping index (Moscow)
Watcom Shopping index overtakes 2020 level of activity as retail recovers on rising incomes
The Watcom Shopping index that measures foot traffic in Moscow’s leading malls in real time, overtook the 2020 level of activity in week 30 of this year as the retail business recovers on the back of the post-crisis economic growth and rising real income that have gone back in the black of the first time in seven years. The Watcom index reached a value of 427 in week 31 (August 2-8) that was 3.8% more than the foot traffic in the same week in 2020 of 412.
Foot traffic in the top malls that are frequented by Moscow’s affluent middle class plunged last year after the lockdowns were imposed by Moscow mayor Sergei Sobyanin in April as the epidemic exploded in Russia. However, once the restrictions were removed at the end of the summer foot traffic rapidly made back almost all the ground lost.
Ukrainian inflation back into double digits as rate hits 10.2% in July y/y
Ukraine’s inflation exceeded double digits for the first time since November 2018 rising to 10.2%, according to Ukrstat, as the central bank prepares for another interest rate hike in September.
The National Bank of Ukraine (NBU) has hiked interest rates in March (50bp) and April (100bp) but argued that pressures were receding and left them flat in June. But as inflation continues to climb the NBU hiked aggressively in August adding another full percentage point to the rate.
Poland’s GDP soars 10.7% y/y in Q2 after pandemic recession
Polish GDP ballooned a seasonally adjusted 10.7% y/y in the second quarter after retreating 1.3% y/y in the preceding three months, the Central Statistical Office (GUS) said in a flash estimate on August 13.
The all-time high flash reading sees off Poland’s COVID-19 (coronavirus) induced recession for good, even if the steep gain was predictable,
as measured against the recession’s worst point in the second quarter of 2020.
Georgia’s banks boast biggest profits ever in June
The aggregated net profit of Georgia's banks more than doubled in June compared to the same month last year, to Georgian lari (GEL) 295mn ($92mn) - it amounted to the biggest profit ever recorded by the banks in the country’s history.
In the second quarter of the year, the profit was GEL648mn (over $200mn), 140% up y/y, and in the ytd period of January-June the aggregated profits exceeded GEL1bn (over $300mn) - compared to GEL477bn losses in the first half of last year when the Georgian banks set aside GEL1.2bn in provisions for potential asset losses as a result of the crisis that was emerging.
Source: Watcom
Ukraine inflation y/y%
Source: UAH
Poland GDP growth, seasonally adjusted y/y change in %
Source: GUS, World Bank
Georgia: Banking System's Profit and Losses (GEL mn, monthly)
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