CEE: Diverging Trends in Industrial Production
The three largest CEE economies – the Czech Republic, Hungary and Poland – stand out in the region for their early recovery in industrial production. Despite the escalation of eurozone woes,...
View ArticleRussia’s budget at the mercy of oil prices
Ahead of this weekend’s presidential election in Russia, the fiscal challenges facing the new leader – whatever their political persuasion – have been thrust to the fore. At face value, Russia’s...
View ArticleRussia’s stock index bound by oil
Russia’s main stock index, the Russia Trading System (RTS) shows a stark correlation with the price of oil. This was most apparent between 2008 and 2011. What does this say about the Russian economy?...
View ArticleRussian capital flight: a can of worms?
In recent times Russia has witnessed huge capital outflows, despite reporting a sizeable current account surplus. Capital outflows jumped to USD35.0 bn in the last quarter of 2011 from USD18.4 bn three...
View ArticleThe mystery of the missing Russian oil
It was recently reported that Saudi Arabia had overtaken Russia as the world’s largest oil producer for the first time in six years. This depends on who you believe, though. Since the start of the...
View ArticleHungary and the IMF: an ongoing saga
The ongoing deadlock between Hungary’s government and the IMF-EU negotiators has barely been out of the headlines, not least after PM Viktor Orban told the opening of parliament that the country does...
View ArticleHungary’s credibility at stake
On September 25 Hungary’s central bank cut interest rates by 25 basis points for a second time, marking another chapter in the economic saga of 2012. Certainly, the decision was blurred by Hungary’s...
View ArticleHungary’s banking sector: unable to stem the losses
Hungary’s banking sector logged a year of losses in 2011 and has remained in the red in 2012, recording a loss of HUF10.5 bn between January and September. Banks are set to face strong headwinds over...
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