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58 I New Europe in Numbers bne June 2018
Russia car sales (number units in period)
The year-long recovery in Russia's automotive sales continued in April with sales up 18% y/y
The year-long recovery in automotive sales continued in April with Russia's car and light commercial vehicles (LCV) sales up 18% y/y to 152,425 units in April, the Association of European Businesses (AEB) reported on May 8.
Sales saw some acceleration from the March number, up 14% y/y, ac- cording to AEB that track sales. YTD sales were up 21% y/y to 452,509 units.
“The April data points to the continuation of the positive sales trend observable so far this year. However, we would refrain from being exces- sively upbeat at this point, as the recent ruble weakness might have pulled forward some demand among potential worries about future price increases.”
Turkey’s cash deficit expands 251% y/y in April
Turkey’s cash budget ran a deficit of TRY12.9bn (€2.51bn) in April, marking a 251% y/y rise, Treasury data showed on May 8.
The produced primary cash budget also grew by 181% y/y to TRY10.7bn in the month.
Across January-April, the cash deficit rose by 22% y/y to TRY32.7bn while the primary deficit declined by 25% y/y to TRY9.4bn.
Turkey’s foreign trade deficit widens 33% y/y in April
Exports were up 9% y/y to $13.9bn but imports rose at the faster pace of 15% y/y to $20.5bn.
On the back of the April data, the foreign trade deficit widened 55% y/y to $27.4bn in January-April. Exports increased by 9% y/y to $55.1bn and imports were up 21% y/y to $82.4bn. Anxieties over Turkey's overheating economy are strengthening.
Czechia reports the worst industrial production numbers in two years
The slowdown in Czechia's industrial production in March was the worst fall since 2016, after it fell by 1.1% y/y, in a surprise result for the mar- ket, according to official figures.
“This is the worst result since the middle of 2016. However, the annual decrease was due to a significantly lower number of working days compared to the previous year. After calendar adjustment, industry grew by 5.5%,” Raiffeisen Bank (RZB) said in a note.
The industrial production decline has been largely driven by the weaker performance of the automobile sector, which is showing signs of satu- rated domestic and foreign demand for some time, according to RZB.
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Turkey's Cash Balance
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Turkey's Foreign Trade Deficit
Czechia Industrial Production (y/y) vs. PMI manufacturing (index)
PMI manufacturing
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PMI index (50=no change)
TRY bn
Industrial Production (y/y) %