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Emerging Europe Economics Update

Short and timely commentaries on economic or market issues and events.

Sample - Little good news for industry over the New Year

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Russia: April data still strong, but a slowdown imminentEmerging Europe’s currencies caught in the crossfirePolicymakers have little room for manoeuvreGreek exit risks revisitedQ1 GDP data just the tip of the icebergAusterity without growth won’t work for SloveniaTurkey’s rebalancing more difficult from now onIs this Poland’s “ECB moment”?Is Putin 2.0 for real?Balance tips in favour of Polish rates staying on hold
Bulgaria: back into recessionRomanian rates on hold until politics stabilisesManufacturing hit by fresh slump in the euro-zoneRomania’s government falls victim to austerity backlashUkraine: growth slowed sharply in Q1Hungary edges closer to an IMF/EU dealEuropean shale gas adds to risks to Russia’s growth modelMarkets right to shrug off Czech political worriesHungarian government still too sanguine on IMF dealEuro-zone crisis still the big risk for region’s banks
Hungary’s fiscal woes an obstacle to EU-IMF dealCore inflation weakens in Eastern EuropeRussian stocks set to underperformRussia probably grew by 4.5% y/y in Q1Turkish rebalancing: so far, so good but much further to goPolish policymakers turn hawkishUkraine: downside risk to steel prices adds to headwindsNet exports boost Turkish growthRegion stabilising, but Q1 growth still lacklustreRomania cuts rates, Czechs on hold until inflation falls
Russia: from sweet spot to tough spot?Turkey and Hungary hamstrung by the marketsPolish retail sales data overstate consumer demandTurkey’s current account deficit not just about oilRussia continues its strong start to 2012Ukraine is running out of optionsMaking sense of the latest inflation dataSlovakian election puts fiscal policy under the spotlightQ4 data show consumption coming off the boilPolish rates: debate to turn to cuts this year
Risks to the Hungarian markets still skewed to downsideWhy would Russia benefit from lower oil prices?Spike in oil prices is a bigger risk to growth than to inflationIndustry stagnatesPoland still the region’s outperformerHungarian rates on hold as NBH stays in “wait and see” modeRussian markets shrug off political risk – but can it last?Counting the fiscal costs of Putin's pledgesTurkish interest rates: little room for manoeuvreHungary concedes ground to the EC, but barriers still lie ahead
Underlying inflation remains weakHungary bank plan unlikely to trigger revival in bank lendingGrowth still set to disappoint in 2012A Turkish soft landing still looks like a tall orderCzech Republic likely to be the first in recessionUkraine: too soon to sound the all clearPolitical uncertainty threatens Romania's splendid isolationTurkish boom hits the buffersCzech rates on hold, looser policy on the cardsPMIs add to signs of stabilisation
Russian growth increasingly dependent on high oil pricesBaltic States: still the poster child for austerity?Russia: impressive end to 2011, but a slowdown aheadPolish growth: losing some steamInflation fears will fade in 2012Hungary: rates on hold, but problems aheadTalk of Turkish easing looks prematureVienna 2.0 shaping up to be a damp squibAn update on Russia’s unrestHow great are contagion risks from Hungary?
Turkey: painful current account adjustment underwayHungary starts talks with IMF but obstacles aheadLittle good news for industry over the New YearRomania cuts rates, lessons for HungaryHungarian forint falls to record low, but IMF help looks elusiveTurkey tightens further, adding to recession riskHungary: further tightening on the cardsCentral Europe’s underlying inflation still weakRussia: banking squeeze intensifies amidst political unrestTurkish GDP: export boost masks weaker domestic demand
Turkey: the slowdown has startedEmerging Economies: Five key calls for 2012Will the fall in Putin’s popularity trigger reform?Manufacturing sliding into recessionPoland: less vulnerable, but not immuneHungary rate hike fails to impress the currency marketsRussian rates on hold despite growing squeeze on banksRussian inflation to touch record lowsWestern support for CEE banks starts to waneTurkish tightening here to stay
Hungary: IMF fiasco highlights concerns over policy predictabilityFirst thoughts on Hungary's move back to the IMFPillars of decent Q3 growth already crumblingSolid Q3 for Russia, while Hungary teeters on the brinkThe Baltic bounce looks set to fadeBanking sector risks revisitedWhat can Czech policymakers do to stimulate growth?IMF impasse pushes Ukraine closer to the edgeUpside surprise from PMIs, but industry still slowingRussia: WTO gains depend on wider economic reform
Turkish Central Bank tightens the screwIs Russia's Central Bank running out of options?Central Europe markets rally despite slide towards recessionTurkey: CBRT returns to orthodoxySolid Q3 for Russia, but slowdown on the horizonWhat will weaker currencies mean for inflation?Financing risks on the rise in UkraineTurkey’s Medium-Term Programme offers little comfortWhat next for the ruble?Emerging Europe's external financing risks still high
Polish elections reassuring but slowdown aheadHungary FX debt plan amounts to backdoor defaultPolish economy now more vulnerable to a euro-zone slumpManufacturing stallingRussia's balance sheet revisitedThe return of President PutinRussian economy gains momentumShould we be worried about inflation in Hungary?Central Bank of Russia prepares for global downturnTurkey: Q2 growth strong, but recession threat mounting
Industrial production: slump on the horizonNext move in Polish interest rates likely to be downHungary’s budget black hole filled only temporarilySwiss franc peg vs. euro provides only qualified reliefMore gloomy news on regional manufacturingPoland GDP growth remains robust, but for how long?Russia's public finances not as strong as they seemOdds on Turkish recession start to shortenGrowth slows in Q2 and worse is to comeWhat does the market turmoil mean for policy?
Super-strong Swiss franc hits Hungary & PolandWeak Russian GDP data a sign of things to comeEuropean slump set to harm Czech growth prospectsAre emerging markets immune?Turkey’s monetary policy experiment gets riskyTurkey MPC meeting to focus on the liraQ2 slowdown a sign of things to comeIndustrial production slows to a crawlNext move in Hungarian rates should still be downTurkish growth set to slow sharply
Dip in Polish inflation takes pressure off NBPCan Emerging Europe stay under the radar?Inflationary pressures retreatIndustry likely to slow in the second halfPoland’s twin deficits cloud an otherwise bright outlookPolish interest rates on iceCzech Republic: Retail sales disappointManufacturing growth slowing, price pressures easingTurkish growth is unsustainableTurkish policymakers stick to their guns