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COUNTRY INSIGHTS

Consumer lending rates remained high in April and are unlikely to have dropped much in May
RUSSIA ECONOMICS · In Brief · 08 Jun 2022

The CBR reported that the average weighted consumer lending rate didn’t change much in April, despite the fact that the regulator cut the key rate from 20% to 17% (effective from April 11). Monthly average lending rate for credits with maturity up to 1Y, were at 25.79%, while interest rates for l...

Congress continues to try to minimize the impact of inflation on consumers, two presidential polls were published today, and today is the last day for workers to reserve Eletrobras shares with funds from the FGTS
BRAZIL POLITICS · Report · 08 Jun 2022

The House approved a bill that requires companies in the energy sector to send data regarding the composition of the prices of their products, such as the average cost of producing oil and natural gas, to the National Agency of Petroleum, Natural Gas and Biofuels (ANP). Deputies also approved the...

Steady growth will support further aggressive tightening
ISRAEL · In Brief · 08 Jun 2022

Business confidence going forward remains strong. The component of expectations for stronger activity in the next three months improved to 10.05 points in May from 8.04 last month (net balance). Both industry and services are reporting expectations for growth in orders, both for exports and domes...

Inflation maintained its rapidly ascending trend in May
HUNGARY · In Brief · 08 Jun 2022

CPI-inflation was reported at 1.7% mom, 10.7% yoy for May this morning. This came after 9.5% yoy in April, and generally the trend of recent months has been a rapidly ascending one: CPI-inflation and core inflation Note: % yoy changes; Sources: KSH, own estimates The forint slightly weakened on t...

Positive GDP growth in Q1-2022 as South Africa’s economy shows resilience amid increased global headwinds
SOUTH AFRICA · Report · 07 Jun 2022

Real quarterly GDP grew by 1.9% in the first quarter of 2022. This was following a contraction of 1.8% q/q and an expansion of 1.4% q/q during the third and fourth quarters of 2021, respectively. However, today’s GDP print points to the South African economy's reverting to pre-pandemic growth pat...

President Jair Bolsonaro announced a new measure to try to lower the price of fuel, and the government will eliminate the PIS, Cofins and Cide taxes on gasoline, alcohol and cooking gas
BRAZIL POLITICS · Report · 07 Jun 2022

PLP 18 establishes electricity, fuel, telecommunications and transportation as essential services. That is, the ICMS rate cannot exceed 17%. The government will also eliminate the PIS, Cofins and Cide rates, which are federal taxes, on gasoline, alcohol and cooking gas. In order to transfer funds...

Petro and Hernández neck to neck
COLOMBIA · In Brief · 07 Jun 2022

Methodology: The fan shows the extreme points of the data for each month. The line in the middle of each fan shows the median of the surveys for each month.Note: Since June 1, the polling firm GAD3 (contracted by RCN) reports the results of a daily telephone survey, with a sample of more than 1,0...

Inflation breached 5%
PHILIPPINES · In Brief · 07 Jun 2022

As expected, the headline inflation rate climbed to 5.4% in May, up from 4.9% in April. Continuing increases in fuel and food were still the main drivers of the headline rate, with both contributing to a sharper increase in food and restaurant services. On a month-on-month basis, consumer prices ...

Skirmishes on Tajik-Kyrgyz Border
RUSSIA / FSU POLITICS · In Brief · 06 Jun 2022

On June 3 Kyrgyzstan announced that its border guards had fired into Tajikistan. The Kyrgyz said they had to return fire after the Tajiks opened fire on them unprovoked. Bishkek said troops were wounded on both sides. Tajikistan released no statement on the incident. There is a 970 km border betw...

Economics: Results in May point to risks of further deceleration
MEXICO · Report · 06 Jun 2022

Economic indicators published in May once again showed increased activity, although with markedly uneven results depending on the sector or branch in question. Manufacturing, the only GDP component to boast a significant recovery so far, recorded the strongest expansion of any industrial componen...

Countdown to the end of the adjustment period and other weekly topics
BRAZIL POLITICS · Report · 06 Jun 2022

The House and Senate continue to focus on issues related to fuel and electricity prices. President Jair Bolsonaro participates in the Summit of the Americas, in the U.S. The PSDB may decide to support the candidacy of Senator Simone Tebet (MDB). Four polls on the presidential elections will be pu...

Politics: June 2022 gubernatorial election results
MEXICO · Report · 06 Jun 2022

Morena carried four of the six states that held gubernatorial elections this past Sunday (Hidalgo, Oaxaca, Quintana Roo and Tamaulipas), while the PAN-PRI-PRD alliance held on to the governorships in Durango and Aguascalientes. As we have stated, a Morena victory in four states in these elections...

The government cabinet has approved its budget proposal for 2023
HUNGARY · In Brief · 06 Jun 2022

In Hungary, the annual budget plan goes to parliament normally in June. Following this schedule, the cabinet has just released its budget proposal for 2023. According to this, the general government deficit would be limited to 3.5% of GDP, reduced from 4.9% targeted this year. In 2021, the actual...

Essential CIS Politics: May-June 2022
RUSSIA / FSU POLITICS · Report · 06 Jun 2022

* The Ukraine conflict rumbles on, with Russia grinding out positions in the East and Zelensky saying the situation is tough. * Russia warned Finland and Sweden as the two nations make NATO applications. * The EU initiated a partial ban on Russian oil – the impact will be felt in...

Strong growth for the time being, but…
BRAZIL ECONOMICS · Report · 06 Jun 2022

Impelled by the increase of demand coming from net exports and income transfer programs, GDP in the first quarter of 2022 expanded by 1%, and various confidence indicators point to further growth in the second quarter. Although due to the carry-over, growth in 2022 should exceed our previous proj...

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