Page 74 - bne_July 2024_20240709

74 I New Europe in Numbers bne July 2024
Russia inflation, y/y
Russia’s CBR warns of steep key rate hike as inflation worsens
Weekly consumer price inflation in Russia as of June 17 accelerated to 0.17% week on week (0.12% w/w a week earlier), according to RosStat, which would imply annual inflation growth of 8.5% year on year (after 8.3% seen in May).
At the same time in June, one-year inflation expectations of the population increased further by 0.2 percentage points to 11.9%, demonstrating upward dynamics for the second month in a row.
As covered by bne IntelliNews, the board of the Central Bank of Russia (CBR) at the June 7 policy meeting resolved to keep the key interest rate unchanged at 16%, making
a neutral rate decision for the fourth consecutive time.
Romania’s CA balance flat y/y at €3.95bn in Q1
Despite weaker overall domestic demand caused by sub- dued consumption and de-stocking only partly compensated for by stronger investments, Moldova’s GDP increased by 1.9% y/y and by 1.1% m/m in Q1, the sharpest quarterly advance since Q4 2022, according to data published by the statistics bureau.
In absolute terms, the GDP reached MDL67.4bn (€3.5bn) in Q1 and €15.4bn in the 12 months to March 2024.
In seasonally adjusted terms, the quarterly GDP in Q1 was (marginally) the highest in more than two years. However, the country’s economy has remained around the same level over the past five years since before COVID-19.
Kazakhstan PMI shows 8-month high in manufacturing sector output in May
Kazakhstan’s manufacturing sector in May recorded an eight-month high in output on expanding new orders, accord- ing to the monthly S&P Global Kazakhstan Manufacturing Purchasing Managers' Index (PMI).
The PMI was recorded at 52.2, above the 50.0 no-change mark, up from April’s 51.5.
“An improving demand environment supported a strength- ening of growth in the Kazakhstan manufacturing sector during May. A solid expansion of new orders fed through
to a faster rise in output. In turn, firms increased their employment and purchasing activity,” an accompanying statement issued with the PMI results said. “Although input costs and output prices continued to rise, the respective rates of inflation were softer than the series averages,”
the statement added.
Source: CBR
Moldova: GDP: 2015RON mn, y/y
Kazakhstan PMI Index
Source: IHS Markit
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