GDP structure across the region

It is all about the GDP structure in the first quarter in most of the CEE countries. Most likely, consumption was the driving force of the growth, while a negative contribution, if any, may be seen on the net exports side. In Slovakia, together with the GDP structure, the labor market data will be worth a look. Based on monthly data, the unemployment rate in the first quarter is likely to be the lowest in history. Mays flash inflation figures will be released in Croatia and Czechia. In Poland and Slovenia, we have seen easing inflationary pressure in May. Other than that, we will also see retail sales and industrial output numbers for April in several countries. We will watch Hungary in particular to see how the second quarter begins, given the weak economic performance in 1Q25. Finally, on Friday, Fitch will review the rating and outlook for Hungary. Last time, the negative outlook was changed to stable, but we worry that we may see the negative outlook being restored, given the deteriorating economic developments in Hungary.