Flash Notes
Consumer inflation ticks up at the end of 2025
Headline inflation lifted to 3.6% y/y in December from 3.5% in November. The print is aligned with our and the market expectation. Monthly pressure was 0.2%, mainly upheld by rising services costs as well as higher fuel prices.
21 January 2026
Flash Notes
Consumer inflation shifts closer to top of new tolerance band in October
19 November 2025
Flash Notes
September manufacturing output remains subdued
Manufacturing output (not seasonally adjusted) increased by 0.3% in September following declines of 1.1% y/y and 1.5% y/y in July and August, respectively. The outcome exceeded the Bloomberg consensus forecast of a 0.3% decline.
11 November 2025
Flash Notes
Retail sales soar in July
Retail sales showed a strong performance in July, registering 5.6% y/y, up from a softer 1.7% in June. This marks the 17th consecutive month of positive year-on-year growth and significantly exceeds market expectations of 2.7%. On a month-on-month basis, volumes rebounded to 2.1%, following declines of 0.4% and 0.1% in May and June, respectively. The strength in retail, particularly in non-essential categories, reflects improving household purchasing power and balance sheets, as well as a less restrictive monetary policy.
17 September 2025
Flash Notes
2Q25 QLFS: Employment gains some momentum, but vulnerabilities persist
The Quarterly Labour Force Survey (QLFS), a household-based employment survey (not seasonally adjusted), recorded a modest quarter-on-quarter (q/q) increase of 19 236 in total employment in 2Q25, following a decline of 290 575 in the previous quarter. Year-on-year (y/y), employment rose by 154 169 to reach 16 806 502.
12 August 2025
Flash Notes
April manufacturing output down by 6.3% y/y, reflecting continued challenges
Manufacturing output (not seasonally adjusted) declined sharply by 6.3% y/y in April, following a revised 1.2% contraction (previously -0.8%) in March. Seasonally adjusted output rose by 1.9% m/m, though this fell short of fully reversing the 2.5% monthly decline recorded in March.
10 June 2025
Flash Notes
Consumer inflation ticks up at the end of 2025
Headline inflation lifted to 3.6% y/y in December from 3.5% in November. The print is aligned with our and the market expectation. Monthly pressure was 0.2%, mainly upheld by rising services costs as well as higher fuel prices.
21 January 2026
Flash Notes
Consumer inflation shifts closer to top of new tolerance band in October
19 November 2025
Flash Notes
September manufacturing output remains subdued
Manufacturing output (not seasonally adjusted) increased by 0.3% in September following declines of 1.1% y/y and 1.5% y/y in July and August, respectively. The outcome exceeded the Bloomberg consensus forecast of a 0.3% decline.
11 November 2025
Flash Notes
Retail sales soar in July
Retail sales showed a strong performance in July, registering 5.6% y/y, up from a softer 1.7% in June. This marks the 17th consecutive month of positive year-on-year growth and significantly exceeds market expectations of 2.7%. On a month-on-month basis, volumes rebounded to 2.1%, following declines of 0.4% and 0.1% in May and June, respectively. The strength in retail, particularly in non-essential categories, reflects improving household purchasing power and balance sheets, as well as a less restrictive monetary policy.
17 September 2025
Flash Notes
2Q25 QLFS: Employment gains some momentum, but vulnerabilities persist
The Quarterly Labour Force Survey (QLFS), a household-based employment survey (not seasonally adjusted), recorded a modest quarter-on-quarter (q/q) increase of 19 236 in total employment in 2Q25, following a decline of 290 575 in the previous quarter. Year-on-year (y/y), employment rose by 154 169 to reach 16 806 502.
12 August 2025
Flash Notes
April manufacturing output down by 6.3% y/y, reflecting continued challenges
Manufacturing output (not seasonally adjusted) declined sharply by 6.3% y/y in April, following a revised 1.2% contraction (previously -0.8%) in March. Seasonally adjusted output rose by 1.9% m/m, though this fell short of fully reversing the 2.5% monthly decline recorded in March.
10 June 2025
Disclaimer
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