Page 94 - bne magazine February 2022_20220208

94 I New Europe in Numbers bne February 2022
Russian gas production (months) mcm/d
Russian oil production up on last year in December, gas production in 2021 breaks multi-year high
CDU TEK has published Russia’s oil and gas production statistics
for December 2021 that show oil output was well up on 2020 but still lagging well behind production in 2018 and 2019. The results also show that Russia ended 2021 producing more gas than at any time in the last four years, both in December and for the full year.
Russia’s gas output was also up 4% year on year in December to 69bn cubic metres, CDU TEK reports. Gazprom increased production 4.9% y/y to 47.2 bcm. Novatek’s standalone production rose 4.5% y/y.
Poland’s CPI surges 8.6% y/y in December, the highest rate since November 2000
Polish CPI accelerated 0.9pp to 8.6% y/y in December, the highest rate since November 2000, the statistical office GUS said in a flash estimate on January 7.
Price growth continues uninterrupted with the flash reading 0.3pp above the forecast median. The December reading provides only more grounds for the National Bank of Poland (NBP) to keep on raising interest rates after four hikes in October-January.
Annual growth of Slovenia’s retail sales speeds up to 41% y/y in November
Slovenia’s retail sales soared by an annual 41% in November, accelerating from a 34.3% y/y growth in the previous month, the statistics office said.
Retail sales also grew compared to pre-pandemic November 2019, by 19.3%. The annual growth was primarily a consequence of the increase in retail trade with automotive fuel up by 79.4%.
Georgian FDI remains subdued
Foreign direct investment to Georgia slightly recovered from the subdued levels in 2020, rising close to $300mn in the second and the third quarters of 2021, but, overall, it remained at a comparatively low level of 3.6% of GDP ($594mn) in the rolling four quarters as of the end of September.
Detailed data revealed by the statistics office Geostat suggest that a large part of the FDI was actually retained earnings generated by the two major banks TBC and Bank of Georgia, controlled by UK-registered holdings. In the second quarter alone, the overall FDI was revised upwards by $64mn as the result of supplementary profits reported by “the financial sector”.
Source: CDU TEK
Poland’s CPI, y/y change in %
Slovenia retail turnover change y/y
Source: Statistics office
FDI to Georgia, by type ($ thous, quarterly)
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In 2019, before the crisis, the FDI reached $1.34bn, or 7% of GDP.