GlobalSource Partners | Country Insights

Minfin reported that the 1Q24 federal budget revenues accounted for about R8.7 trln (24.9% of the annual plan set at nearly R35.1 trln). The figure looks decent, as in 2024, the revenue target exceeds last year’s actual revenue figure by 20.4%. In 1Q24, the government collected R2.9 trln of the o...

Poor budget, strengthening forint

HUNGARY · In Brief · 09 Apr 2024

The central government's cash budget did not do particularly well in March and Q1, according to fresh data from the Finance MInistry. In annualised ratio-to-GDP terms, the March deficit was recorded at 9.7%, marginally down from 9.9% one year earlier, and the Q1 total reached 12.2%, exactly the s...

Rates on hold, fiscal deficit pushes higher despite strong revenues

ISRAEL · In Brief · 08 Apr 2024

The Bank of Israel maintained present policy rates on hold at 4.5% on April 8 (market expectations were divided). In the press conference the Governor was clear that elevated geopolitical risks and FX stability were key to the decision: “In view of recent developments, which indicate a substantia...

President Lula may make a decision regarding the president of Petrobras this week, the Joint Committee on the payroll tax exemption should be installed, and government rushes to finalize the Tax Reform regulations

BRAZIL POLITICS · Report · 08 Apr 2024

We are expecting some developments regarding Petrobras this week. President Lula may decide whether or not Jean Paul Prates will remain in office. The president of BNDES, Aloizio Mercadante, is currently the main option to replace Prates. On Tuesday, April 9, the Joint Committee is scheduled to b...

Economics: Public finances got off to a dismal start as the 2025 Pre-Criteria are a cause of alarm

MEXICO · Report · 08 Apr 2024 · 1 response

The week before last, the Ministry of Finance released its reports on both public finances for January-February 2024 and Economic Policy Pre-Criteria for 2025 (PCGPE). The public finance report shows a deterioration that the economic package approved for 2024 had anticipated, but it has unfolded ...

A storm of uncertainties

VENEZUELA · Report · 08 Apr 2024

The government did not allow Machado's candidacy or Corina Yoris, her designated substitute. After the deadline for nominations had expired, the National Electoral Council (CNE) admitted the "symbolic" candidacy of Dr. Edmundo Gonzalez Urrutia, a retired diplomat with no party ties, under the car...

Elevated uncertainty will postpone loosening

ISRAEL · Report · 08 Apr 2024

1. We expect a rate hold decision today on elevated conflict escalation risk and concern regarding expansionary fiscal policy. 2. Economic indicators point to a steady recovery, with construction and incoming tourism still below pre-war levels. 3. Exports of both high-tech services and indu...

Webinar Replay - Central America Outlook: Costa Rica, El Salvador, Guatemala

CENTRAL AMERICA · Report · 05 Apr 2024

Visit our calendar page to watch the replay of our webinar on the economic outlook for Costa Rica, El Salvador, and Guatemala. What will fiscal consolidation mean for Costa Rica after its IMF program ends? Will El Salvador agree to a new IMF financing program? Will Guatemala find stability after ...

There are reports that Jean Paul Prates will likely be replaced as president of Petrobras, the MGI will meet with environmental career representatives, and the Joint Committee on the payroll tax exemption should be installed next week

BRAZIL POLITICS · Report · 05 Apr 2024

The relationship between Jean Paul Prates and the government has reportedly deteriorated significantly. In other news, today, the Ministry of Management and Innovation (MGI) will hold a meeting with environmental career representatives to discuss the group’s demands. Currently, employees from Iba...

February industry and retail sales show some further consolidation, though no breakthrough at all by consumer demand

HUNGARY · In Brief · 05 Apr 2024

KSH published February industrial output and retail sales data this morning. Industry grew by 3.5% mom, 0.1% yoy, recovering from -1.1% mom in January and a 13-month series of substantially negative data in year-on-year terms. At this moment, it is not known how the recovery was contributed to by...

Philippines: Disappointing inflation numbers

PHILIPPINES · In Brief · 04 Apr 2024

As we write this In Brief, the Philippine Statistics Authority is about to announce the inflation rate for March 2024 tomorrow at 9 am. We expect a higher inflation rate than January’s 2.8% and February’s 3.4% at slightly below 4.0%. This, to us, is a foregone conclusion because very little progr...

Bi-Weekly Economic News Summary

KAZAKHSTAN · In Brief · 04 Apr 2024

Mar 20 National Financial Regulator: The watchdog will conduct an asset quality review of the 11 biggest banks in Kazakhstan this year. Mar 21 Government: Kazakhstan and Qatar signed an agreement for long-term strategic cooperation to develop projects in priority sectors (the estimated amount is ...

Economic performance remained decent in February

RUSSIA ECONOMICS · In Brief · 04 Apr 2024

Following a previous publication on the performance of the Russian industry in 2M24 (up by 6.6% y-o-y and by 8.5% y-o-y in February alone), Rosstat reported that the output of the five basic sectors (industry, agriculture, construction, trade, transportation) grew in 2M24 by 7.8% y-o-y. In Februa...

The AGU filed a request to extend the conciliation deadline in the Eletrobras case, Lula may issue an MP that could result in a 3% reduction in electricity bills, and the government will file a case against Pacheco’s decision on the payroll tax

BRAZIL POLITICS · Report · 04 Apr 2024

Yesterday, the Federal Attorney General's Office (AGU) filed a request in the Supreme Federal Court (STF) to extend the deadline for conciliation with Eletrobras in the lawsuit that calls for greater government participation in the company. Also yesterday, the Minister of Mines and Energy, Alexan...

Healthcare reform sunk in Congress, but reform drive continues at full steam

COLOMBIA · In Brief · 03 Apr 2024

In spite of resorting to all the tricks in the known universe, the government could not stop the sinking of the healthcare reform in Congress, after 8 Senators in the 7th Committee presented a motion to sink it two weeks ago (Ponencia de Arichivo). After many days and weeks in which the governmen...