Page 74 - BNE_magazine_12_2019 dec19

74 I New Europe in Numbers bne December 2019
Ukraine retail sales (inc. motor vehicles) y/y
Ukraine retail sales grew by 10% y/y in January-October
Russia income vs retail sales
Ukraine retail sales advanced 10.2% year-on-year in real terms in January-October, accelerating from 9.8% y/y, the nation's state statistics service reported on November 20.
In October alone, retail jumped 11.0% y/y, or 2.3% month-on-month in real terms. Regionally, the highest retail growth in January-October occurred in the Kyiv (19.3% y/y), Vinnytsia (19.2% y/y), and Ternopil (17.8% y/y) regions. It was slowest in the Chernivtsi (-4.5% y/y), Chernihiv (0.9% y/y), and Zakarpattia (1.5% y/y) regions.
Russia's consumer demand is back after incomes tick up in October
After four years of stagnation consumer demand is finally back as
a main driver of Russia’s economic growth. An uptick in real incomes
in October has fed through to retail sales which expanded by 1.6% year- on-year, reported Rosstat on November 20.
Retail turnover growth had been slowing all year but in the last month the fall has stopped and reversed. Real wages have been contracting for almost six years now but they expanded by 3.1% in September, partly lifted by the faster than expected fall in inflation, which was down to 3.8% in October and is now expected to end the year under the Central Bank of Russia (CBR) targeted 4% level.
Slovakia's GDP decelerates sharply in 3Q19 due to falling foreign demand
Slovakia's GDP increased by 1.3% year-on-year in the 3Q19, far below expectations, driven mainly by lower foreign demand. Growth increased by 1.8% y/y after seasonal adjustments, and by 0.4% quarter-on-quarter, according to preliminary data published by the Statistics Office on November 14.
“Slovakia's economy decelerated significantly for the second time
this year, and it seems that the economic slowdown in the Eurozone, particularly in Germany, has been affecting it strongly,” said VUB Banka analyst Michal Lehuta, the Slovak News Agency quoted.
In 3Q19 the country produced GDP of €24.561bn at current prices, up by 3.4% y/y.
Auto sales in Turkey leap 128% in Oct as cut loan rates entice consumers
Auto sales in Turkey leapt by 127.5% y/y to 49,000 units in October, after rising 82% on an annual basis in the previous month, according to data from the Turkish Automotive Distributors’ Association (ODD).
Even though the October reading reflects the base effect, local lenders’ moves to cut borrowing costs of late – vehicle loan rates fell to 0.49-0.69% from the 1.40%s in October – have also contributed to the sharp rise in sales. Turkey’s central bank is now expected to slash its policy rate further with the country’s level of annual inflation on November 4 hitting a three- year low of 8.55% in October. That may boost car sales further.
Slovakia GDP (y/y)
Motor Vehicle Sales in Turkey
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