EconoTicker

On May 19, 2025, the Reserve Bank of India reported that outstanding bank loans increased by 9.9% year-on-year in April, down from 10.3% in March, signalling a modest slowdown in credit expansion. Deposit growth also eased to 10.0% YoY, compared to 10.2% previously. Meanwhile, India’s foreign exchange reserves climbed to USD 690.62 billion at the end of the week, up from USD 686.06 billion, underpinning a stronger external buffer.

On May 17, 2025, economists polled by the Central Bank of the Republic of Türkiye raised their year-end consumer price inflation forecast to 30.35% in May, up from 29.98% in April, underscoring persistent price pressures and elevated inflation expectations in the economy.

On May 15, 2025, Brazil’s Institute of Geography and Statistics (IBGE) reported that retail sales declined by 1.0% year-on-year in March, deeper than the 0.5% drop forecast and reversing February’s 1.6% gain. Month-on-month, sales rose by 0.8%, underperforming the expected 1.0% increase but slightly above February’s 0.7%, pointing to muted consumer spending and seasonal headwinds.

On May 12, 2025, Türkiye’s Statistical Institute (TurkStat) reported that retail sales rose by 9.2% year-on-year in March, down from February’s 12.2%, marking a notable deceleration in consumer spending. On a month-on-month basis, retail turnover fell by 1.4% in March, reversing a 1.2% gain in February and signaling a pullback in seasonal demand.

India’s S&P Global Services PMI rose to 58.7 in April, up from 58.5 in March, signaling continued solid growth in the services sector. However, the figure fell short of market expectations of 59.1, indicating robust but slightly underwhelming expansion amid strong demand and hiring activity.

Turkey’s consumer price index (CPI) rose 3.00% MoM in April, slightly below expectations (3.10%) but higher than March’s 2.46%. On a yearly basis, CPI came in at 37.86%, marginally lower than March’s 38.10%. Meanwhile, producer prices (PPI) increased 2.76% MoM, with annual PPI easing to 22.50% from 23.50%, indicating some relief in cost pressures despite still-elevated inflation.

Mexico's Economic Activity Index rose 1.0% MoM in February, beating expectations of 0.6% and sharply improving from January's 0.1%. On a yearly basis, activity declined 0.7% YoY, though this was slightly better than the expected -0.8%. The monthly growth suggests a short-term rebound in momentum, despite ongoing annual challenges.

Mexico’s retail sales fell by 1.1% year-over-year in February, sharply missing expectations of 2.7% growth. On a monthly basis, sales edged up just 0.2%, also below the previous 0.6% increase. The data points to weakening consumer demand in early 2025.

South Africa's annual inflation slowed in March, with headline CPI falling to 2.7% from 3.2% previously. Core CPI also eased to 3.1% year-on-year. On a monthly basis, both headline and core prices rose modestly by 0.4% and 0.5%, respectively, reflecting easing price pressures across the economy.

India’s S&P Global Manufacturing PMI rose slightly to 58.4 in April from 58.1, while the Services PMI climbed to 59.1 from 58.5, reflecting continued strength across both sectors.

Turkey’s gross foreign exchange reserves fell to $68.01 billion, down from $77.84 billion. Meanwhile, net FX reserves dropped to 38.87% from 48.70%, indicating further pressure on the country’s external balances.

The Central Bank of Turkey raised its one-week repo rate to 46.00% in April, up from the previous 42.50%. The overnight borrowing rate increased to 44.50%, while the overnight lending rate rose to 49.00%. These moves highlight the bank’s continued efforts to tackle persistent inflationary pressures.