Flash Notes
Consumer inflation tilts upwards in September
Headline inflation was 3.4% y/y in September, a slight increase from 3.3% in August. The print was in line with our and the market expectation. Monthly pressure was 0.2%, driven by core inflation.
22 October 2025
Flash Notes
Consumer inflation softer in August
Headline inflation was 3.3% y/y in August, down from 3.5% in July. The print was below our expectation of 3.5%. Monthly pressure was -0.1%, dictated by fuel as well as food and non-alcoholic beverages (NAB) deflation.
17 September 2025
Flash Notes
June manufacturing output encouraging but challenges remain
Manufacturing output (not seasonally adjusted) expanded by 1.9% y/y in June, after increasing by 0.7% (previously 0.5%) in May. Prior to May and June, manufacturing recorded an average monthly annual decline of 2.6% between November 2024 and April 2025, reflecting subdued domestic demand.
11 August 2025
Flash Notes
April manufacturing output down by 6.3% y/y, reflecting continued challenges
10 June 2025
Flash Notes
Modest GDP growth in 1Q25
Real GDP (not seasonally adjusted) grew by 0.8% y/y in 1Q25, following a downwardly revised 0.8% y/y (previously 0.9% y/y) expansion in 4Q24. While not material, the retrospective revisions now imply that GDP grew by 0.5% in 2024 (previously 0.6%) and by 0.8% in 2023 (previously 0.7%).
03 June 2025
Flash Notes
Consumer inflation tilts upwards in September
Headline inflation was 3.4% y/y in September, a slight increase from 3.3% in August. The print was in line with our and the market expectation. Monthly pressure was 0.2%, driven by core inflation.
22 October 2025
Flash Notes
Consumer inflation softer in August
Headline inflation was 3.3% y/y in August, down from 3.5% in July. The print was below our expectation of 3.5%. Monthly pressure was -0.1%, dictated by fuel as well as food and non-alcoholic beverages (NAB) deflation.
17 September 2025
Flash Notes
June manufacturing output encouraging but challenges remain
Manufacturing output (not seasonally adjusted) expanded by 1.9% y/y in June, after increasing by 0.7% (previously 0.5%) in May. Prior to May and June, manufacturing recorded an average monthly annual decline of 2.6% between November 2024 and April 2025, reflecting subdued domestic demand.
11 August 2025
Flash Notes
April manufacturing output down by 6.3% y/y, reflecting continued challenges
10 June 2025
Flash Notes
Modest GDP growth in 1Q25
Real GDP (not seasonally adjusted) grew by 0.8% y/y in 1Q25, following a downwardly revised 0.8% y/y (previously 0.9% y/y) expansion in 4Q24. While not material, the retrospective revisions now imply that GDP grew by 0.5% in 2024 (previously 0.6%) and by 0.8% in 2023 (previously 0.7%).
03 June 2025
Disclaimer
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