Page 70 - bne IntelliNews monthly magazine December 2024

70 I New Europe in Numbers bne December 2024
Russia PMI
Russian service sector PMI up to 51.6 in October as inflationary pressures resurface
Russian service providers reported continued growth in October 2024, with a rise in both output and new orders, according to the latest PMI survey from S&P Global released on November 6.
The seasonally adjusted Russia Services PMI Business Activity Index climbed to 51.6 in October from 50.5 in September, indicating a modest but accelerating expansion of activity across the sector. However, the rate of expansion remained below historical averages.
Kazakhstan sustained manufacturing growth in October, PMI data shows
Kazakhstan saw sustained growth in the manufacturing sector in October, according to the monthly Kazakhstan Manufacturing Purchasing Managers' Index (PMI), produced by a partnership of S&P Global and Freedom Holding. The PMI was recorded at 51.7, above the 50.0 no-change mark, but down from September’s 52.3.
“Output and new orders both increased amid demand improve- ments, although there were some signs of rates of growth soften- ing. Firms responded to higher output requirements by increasing purchasing and employment, the latter at a faster pace than in September,” the accompanying statement to the PMI data said.
Hungary slips into technical recession in Q3
Hungary's GDP contracted by 0.8% y/y in Q3 and by 0.7% when adjusted for seasonal and calendar effects, surpassing even the most bearish forecasts. On a quarter-on-quarter basis, GDP dropped by 0.7%, significantly more than the 0.2% decline anticipated by analysts.
The economy has now contracted for two consecutive quarters, indicating a steeper decline than expected and marking a return to recessionary conditions last observed during the energy crisis in late 2022. Following the data release, the EUR/HUF exchange rate slipped to 409, its weakest level in two years.
Romania’s public debt hiked by €3.3bn in July to reach 52% of GDP
Romania’s public debt (chart) measured by EU methodology rose by RON16bn or €3.3bn in July, which is a lot for a
slow summer month with no FX bonds, according to data published by the finance ministry. Under the national definition of public debt public debt remained steady at RON1,033bn, or 58.5% of the year’s projected GDP.
Source: S&P Global
Kazakhstan PMI Index
Source: IHS Markit
Hungary GDP growth y/y
Source: Hungary state statistics agency
Romania: Public Debt, EUR bln [eop stock, ytd change; %of GDP]
Source: bne IntelliNews
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