Δισεβδομαδιαία Επισκόπηση 11 - 24 Σεπτεμβρίου 2018
Turkey
The New Economic Programme is a welcome response by the Government to the recent market volatility
Romania
The Romanian economy gained momentum in Q2:18, after a weak start to the year
Bulgaria
The Bulgarian economy loses momentum in Q2:18
The labour market shows signs of stagnation
Serbia
The fiscal policy stance turned expansionary in 7M:18, with the 4-quarter rolling fiscal surplus declining by 0.5 pps y-o-y to 0.6% of GDP
FYROM
Opinion polls ahead of the September 30th referendum show the majority are in favour of the "name" agreement
A gradual economic recovery continued in H1:18
Labour market conditions tightened further in Q2:18, supported by active labour market policies and solid economic growth
Albania
External adjustment continued in H1:18, with the 4-quarter rolling current account deficit moderating to 6.7% of GDP in Q2:18 from 7.5% in Q4:17
Cyprus
S&P upgraded Cyprus to investment grade (BBB-) for the first time in 6 years
Cyprus raised EUR 1.5bn (7.4% of GDP) in Eurobond markets at a historically-low yield of 2.4%, benefiting from its recent rating upgrade grade and a benign global backdrop
Economic activity maintained its momentum in Q2:18 (up 3.9% y-o-y)
Egypt
Customer deposits (FX-adjusted) rose by 24.1% in FY:17/18, underpinned by strengthening confidence in the Egyptian economy and higher EGP remuneration rates
Credit to the private sector (FX-adjusted) lost momentum in FY:17/18, on the back of higher lending interest rates
The CBE is likely to adopt a "wait-and-see" stance at its September 27th MPC meeting
Appendix: Financial Markets