Page 82 - bneMagazine March 2023 oil discount

82 I New Europe in Numbers bne March 2023
Russia grain production, export m tonnes
Russia to export 50-60mn tonnes of grain in 2023 agricultural year
Russia will increase grain exports to 55-60mn tonnes by the end of the current agricultural year, President Vladimir Putin said during his State of the Nation Address to the Federal Assembly on February 21.
Russia harvested an all-time record 153.8mn tonnes of grain in 2022, smashing the previous record of 135.4 set in 2018. With storage silos full to bursting the farmers are in trouble unless they can sell more grain abroad, but sanctions and logistical supply chain disruptions are preventing exports.
Polish economic growth dwindles to 0.3% y/y in Q4
Polish GDP expanded a seasonally adjusted 0.3% y/y in the fourth quarter, coming nearly to a halt after a gain of 4.5% y/y in the preceding three months, the Central Statistical Office (GUS) said in a flash estimate on February 14.
The slowdown is no surprise due to the Ukraine war shocks. Data suggest that private consumption declined 1.7% y/y compared to a gain of 0.9% y/y in Q3, while the pace of investment growth unexpectedly increased to 5.2% y/y compared to growth of 2.0% y/y in the preceding three months,” according to PKO BP.
Europe’s gas tanks at record 69% full with just over one month of heating to go
Europe’s gas storage tanks are 68.8% full, a record high in the last decade, with a little more than one month left of the heating season.
After the weather turned colder in recent weeks withdrawals from the gas tanks stepped up but remained on a par with previous years. The levels of gas in storage are tracking those of 2021, the previous record year, and slightly higher than the 68.5% full tanks were on the same day in 2021.
Turkey releases official January inflation at 58%
Turkey’s official consumer price index (CPI) inflation was recorded at 58% y/y in January, the Turkish Statistical Institute (TUIK, or TurkStat) said on February 3.
The official rate peaked in October at 86%, the highest headline rate posted by Turkey since the 91% registered in June 1998. With the advent of December, the base effect from a year ago came into effect, pulling inflation down.
At 58%, Turkey remains in seventh place in the world inflation league.
Source: Rosstat
Poland GDP (seasonally adjusted), change y/y
Source: GUS
European gas storage % full
Source: GIE AGSI
Turkish Central Bank Policy Rate vs Inflation
Source: bne IntelliNews
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