ING Economics: "Key events in EMEA next week"

ING Economics: "Key events in EMEA next week"

Look out for PMI data in Hungary next week which will show the impact of the war, and annual inflation in Turkey which is set to reach new highs

In this article
  • Hungary: Impact of the war will be reflected in activity data
  • Turkey: Annual inflation set to increase furtherSource: Shutterstock

    Hungary: Impact of the war will be reflected in activity data

    The moment of truth is approaching as the Hungarian Central Statistical Office gets set to release economic activity data for March. This is the first opportunity to see hard data for a full month affected by the Ukraine war. We see the most significant impact being visible in industrial production as several car makers downscaled production due to shortages of spare parts. But despite the monthly drop in March, the quarterly performance should remain sound enough to support strong GDP growth. Retail sales probably had another strong month as one-off transfers to households in February probably had a positive impact on March's retail turnover as well. However, we wouldn’t rule out a downside surprise as the government tried to cut “fuel tourism” in March with measures to secure local fuel supplies given that Hungary has the cheapest retail fuel prices in the central and eastern European region due to price caps.

    Turkey: Annual inflation set to increase further

    In April, we expect annual inflation to maintain its upward trend, reaching 66.0% (4.6% on monthly basis) from 61.1% a month ago. This is due to deteriorating expectations and pricing behaviour in addition to continuing pressure on import prices and food prices, along with further administrative price adjustments in certain products.

    EMEA Economic Calendar

Source: Refinitiv, ING, *GMT

Disclaimer
This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more

ING Economics: "Key events in EMEA next week"

ING Economics

INGs global economists and strategists tell you whats happening and is likely to happen in the world of global markets.

Our analysis and forecasts will help you respond and stay a step ahead in the world of macroeconomics, central banks, FX, commodities and everything else in between. Visit ING.com.