Emerging Europe Economics Update Equities weaken, bond yields rise Financial markets in Emerging Europe have generally performed poorly over the past month, with equities having dropped back and the region’s bonds having been hit by the sell-off in developed... 28th May 2015 · 1 min read
Emerging Europe Economics Update Turkish MPC underplays inflation and current account concerns The press release accompanying today’s Turkish MPC meeting, at which interest rates were left unchanged, suggests that policymakers are increasingly concerned about the inflation outlook. But we still... 20th May 2015 · 1 min read
Emerging Europe Economics Update Turkey’s inflation problem likely to get worse We have been warning about the deep-rooted drivers of Turkish inflation for some time, and it now looks like energy prices will compound the problem by pushing the headline rate even further above the... 13th May 2015 · 1 min read
Emerging Europe Data Response Turkey Curr. Acc. (Mar.) & Czech CPI (Apr.) Turkey’s higher-than-expected current account deficit figure for March provides further evidence that weak exports have almost entirely offset the benefit to the economy from lower oil prices. And the... 12th May 2015 · 1 min read
Emerging Europe Data Response Turkey Ind. Prod. (Mar.) & Hungary CPI (Apr.) The stronger-than-expected 4.7% y/y rise in Turkish industrial production in March provides much-needed good news for President Erdogan ahead of next month’s election. But even so, growth in industry... 8th May 2015 · 1 min read
Emerging Europe Data Response Manufacturing PMIs (Apr.) April’s raft of manufacturing PMIs in Emerging Europe, released today and yesterday, suggest that conditions in the Russian and Turkish industrial sectors improved a little at the start of the second... 5th May 2015 · 1 min read
Emerging Europe Chart Pack Russia’s economy slumps, growth weakens in Turkey The region’s two largest economies – Russia and Turkey – have continued to struggle over the past month. Russia’s economy appears to have contracted sharply by around 3% y/y in Q1. Meanwhile, we... 27th April 2015 · 1 min read
Emerging Europe Economics Update Turkish central bank tinkers around the edges to defend lira The Turkish central bank left its official interest rates unchanged today, but managed to make its monetary policy framework even more complex by tweaking a few obscure tools in an effort to release... 22nd April 2015 · 1 min read
Emerging Europe Economics Update Strong Turkish inflation is deep-rooted There is a growing debate in Turkey about what lies behind the strength of inflation, but we think this discussion has overlooked the absence of spare capacity. Without structural reforms to address... 17th April 2015 · 1 min read
Emerging Europe Economics Update Hungary’s Sunday trading ban symbolic of reform backsliding The decision taken by the Hungarian government to ban Sunday trading is unlikely to have a major impact on the economy at an aggregate level. But as we explain in this Watch, it may lead to a shift in... 9th April 2015 · 1 min read
Emerging Europe Economics Focus Three scenarios for Turkey after the election Turkish financial markets are becoming increasingly worried about what lies in store after June’s parliamentary election, with fears focusing on the risk of rising authoritarianism under President... 8th April 2015 · 1 min read
Emerging Europe Data Response Manufacturing PMIs (Mar.) March’s manufacturing PMIs in Emerging Europe were something of a mixed bag, with the figures providing further evidence that the Turkish and Russian economies weakened, although in the latter... 2nd April 2015 · 1 min read
Emerging Europe Data Response Turkey GDP (Q4) The Turkish economy grew by a stronger-than-expected 2.6% y/y in Q4, driven by an uptick in consumer spending. But more timely activity data suggest that this improvement was short-lived, with growth... 1st April 2015 · 1 min read
Emerging Europe Chart Pack Central Europe shaping up well at the start of 2015 Despite concerns about deflation, a recession in Russia and sluggishness in the euro-zone, the latest data out of Central Europe have been surprisingly robust. Industrial production growth has... 25th March 2015 · 1 min read
Emerging Europe Economics Update Turkish rates unchanged as government pressure eases The Turkish central bank’s decision to leave interest rates on hold today, rather than cut again, was clearly a response to the latest sell-off in the lira, which has forced President Erdogan to tone... 17th March 2015 · 1 min read
Emerging Europe Data Response Turkey Current Account (Jan.) Turkey’s current account deficit narrowed substantially in January on the back of a fall in imports. But this wasn’t just due to lower energy imports – non-energy imports fell too. This adds to the... 11th March 2015 · 1 min read
