イギリス英中銀金利政策決定

イギリスMPC会議議事録

イギリスBOE MPC 投票削減

イギリスBOE MPC 投票引き上げ

The S&P Global UK Construction PMI fell to 44.1 in October of 2025 from 46.2 in the previous month, below market expectations of 46.7 to reflect a tenth consecutive contraction in British construction activity. The rate of contraction was the sharpest since May of 2020. Construction firms continued to report poor market conditions and fewer tender opportunities. Consequently, employment in the sector dropped at the sharpest pace in over five years, in addition to lesser subcontractor usage. The poor demand drove costs of input materials to drop. Civil engineering works plummeted from the previous month (35.4), with surveyees reporting a lack of new work to replace previously completed projects. Declines were also observed for residential construction (43.6) and commercial building activity (46.3).

UK Construction Activity Falls the Most in 5 Years

Construction output in Czech Republic rose by 12.8% year-on-year in September 2025, easing from a downwardly revised 17% growth in the previous month, which had marked the strongest expansion since January 2018. A sharp slowdown was observed in civil engineering works (15.9% vs 27.3% in August), while growth in building construction was also slightly weaker (11% vs 11.1%). The approximate value of building permits granted decreased by 8.0% year-on-year in September, reaching CZK 41.5 billion, while the number of dwellings started declined by 19.6% to 3,556. On a monthly basis, construction activity was 3.2% lower in September.

Czech Construction Output Growth Slows in September

Retail sales in Bulgaria increased by 5.7% year-on-year in September 2025 from 4.9% in the previous month. Sales increased in non-food products (10.6% vs 9.8% in August), automotive fuels and lubricants (4.2% vs 3%), computer and communication equipment (16.2% vs 10.3%), audio and video equipment (13% vs 12.5%), and pharmaceutical and medical goods cosmetics, and toiletries (11.7% vs 6.7%). At the same time, purchases rebounded for food, beverages, and tobacco (0.3% vs -0.8%). Meanwhile, sales growth slowed for other retail sales in non-specialized stores (11% vs 13.8%), textiles, clothing, footwear, and leather goods (10.2% vs 19.8%), and mail order, telephone, or internet (5.1% vs 7.2%). On a monthly basis, retail sales rose by 0.8% in September from an upwardly revised 0.2% in the preceding period.

Bulgaria Retail Sales Growth Rises in September

The Norges Bank kept its key policy rate unchanged at 4% in November 2025, following a 25 basis-point cut at the previous meeting, in line with market expectations. Policymakers noted that no new information has emerged to materially alter the outlook for the Norwegian economy since the last monetary policy meeting in September. While acknowledging that the outlook remains uncertain, the bank reiterated that if the economy develops broadly as projected, the policy rate is likely to be reduced further over the coming year. The central bank also emphasized that monetary policy has helped cool the Norwegian economy and curb inflation in recent years. However, inflation remains above target, with core inflation hovering around 3%, and unemployment edging slightly higher. Policymakers stressed that a restrictive stance is still warranted, as the task of bringing inflation fully under control is not yet complete, and the bank is in no rush to lower rates further.

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