Flash Notes
Manufacturing output remains challenged
Manufacturing output weakened further in June, reflecting subdued demand conditions and supply-side challenges, with elevated production costs continuing to weigh on operating conditions. Non-seasonally adjusted manufacturing output declined by 1.7% year-on-year (y/y) in June, following a 4.4% contraction in May.
11 August 2026
Flash Notes
Consumer inflation accelerates in April
Headline inflation rose to 4.0% year-on-year (y/y) in April from 3.1% in March. The print is higher than our forecast of 3.8% but in line with market consensus. Monthly pressure was 1.1%, mainly due to pressures from fuel and core inflation, with a further marginal pressure from food.
20 July 2026
Flash Notes
Growth momentum sustained in 1Q26, supported by financial services and agriculture
09 June 2026
Flash Notes
Retail sales growth ticks higher in March
Retail sales growth increased to 2.6% year-on-year (y/y) in March, up from 1.6% in February, broadly in line with market expectations of a 2.5% expansion. On a month-on-month (m/m) basis, sales volumes edged up by 0.1%, recovering from a 1.1% decline in the previous month.
20 May 2026
Flash Notes
Mining output momentum carries over to February
Mining production (not seasonally adjusted) expanded strongly by 9.7% y/y in February, reflecting an acceleration from an upwardly revised 5.0% (previously 4.6%) expansion in January. Seasonally adjusted mining output, which is critical for the calculation of quarterly GDP growth, increased by 2.3% m/m, following a 3.7% (originally 2.9%) increase in January. In the three months to February, seasonally-adjusted output was down by 1.7%. However, the sector should still underpin first-quarter GDP growth as March's output would have to decline sharply for the sector to drag on 1Q26 GDP.
14 April 2026
Flash Notes
Retail sales wane in December
Retail sales growth decelerated to 2.6% y/y in December, down from 3.6% in November (revised from 3.5%), undershooting market expectations of a 3.1% expansion. On a month on month basis, sales volumes declined by 0.4%, partly reversing the 0.6% increase recorded previously.
18 February 2026
Flash Notes
Manufacturing output remains challenged
Manufacturing output weakened further in June, reflecting subdued demand conditions and supply-side challenges, with elevated production costs continuing to weigh on operating conditions. Non-seasonally adjusted manufacturing output declined by 1.7% year-on-year (y/y) in June, following a 4.4% contraction in May.
11 August 2026
Flash Notes
Consumer inflation accelerates in April
Headline inflation rose to 4.0% year-on-year (y/y) in April from 3.1% in March. The print is higher than our forecast of 3.8% but in line with market consensus. Monthly pressure was 1.1%, mainly due to pressures from fuel and core inflation, with a further marginal pressure from food.
20 July 2026
Flash Notes
Growth momentum sustained in 1Q26, supported by financial services and agriculture
09 June 2026
Flash Notes
Retail sales growth ticks higher in March
Retail sales growth increased to 2.6% year-on-year (y/y) in March, up from 1.6% in February, broadly in line with market expectations of a 2.5% expansion. On a month-on-month (m/m) basis, sales volumes edged up by 0.1%, recovering from a 1.1% decline in the previous month.
20 May 2026
Flash Notes
Mining output momentum carries over to February
Mining production (not seasonally adjusted) expanded strongly by 9.7% y/y in February, reflecting an acceleration from an upwardly revised 5.0% (previously 4.6%) expansion in January. Seasonally adjusted mining output, which is critical for the calculation of quarterly GDP growth, increased by 2.3% m/m, following a 3.7% (originally 2.9%) increase in January. In the three months to February, seasonally-adjusted output was down by 1.7%. However, the sector should still underpin first-quarter GDP growth as March's output would have to decline sharply for the sector to drag on 1Q26 GDP.
14 April 2026
Flash Notes
Retail sales wane in December
Retail sales growth decelerated to 2.6% y/y in December, down from 3.6% in November (revised from 3.5%), undershooting market expectations of a 3.1% expansion. On a month on month basis, sales volumes declined by 0.4%, partly reversing the 0.6% increase recorded previously.
18 February 2026
Disclaimer
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