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 over the first quarter as a whole was weak and leading indicators suggest that it may have slowed again in Q2. Elsewhere, even though deflation in Hungary eased by more than most anticipated last month, this is unlikely to prevent the National Bank from cutting interest rates further.
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