TURKEY
Tourism industry crisis deepens in May, due to rising security concerns and persisting tensions with Russia
The seasonally-adjusted unemployment rate declines to a 7-quarter low of 9.9% in Q1:16
ROMANIA
Albeit still strong, underlying growth in credit to the private sector shows signs of slowdown in May (up 7.5% y-o-y)
Deposit growth gains steam in May, underpinned by strong economic activity
BULGARIA
Profitability of the banking system improves in Q1:16, due to higher pre-provision net operating income
SERBIA
Fitch upgrades Serbia’s long-term sovereign debt rating to BB-
The IMF reaches a staff-level agreement with the authorities on the 4th and 5th reviews of the 3-year EUR 1.2bn precautionary SBA
FYROM
Customer deposit growth weakens markedly in the first five months of the year, amid deepening domestic political crisis
Lending activity also loses steam in 5M:15, on the back of weakening loan demand and supply
Unemployment rate declines to a record low of 24.5% and employment growth reaches 2.5% y-o-y in Q1:16
ALBANIA
Current account deficit remains broadly flat on an annual basis in Q1:16
CYPRUS
Banking sector’s bottom line weakens on an annual basis in Q1:16, mainly due to lower net interest income and higher personnel expenses
EGYPT
The FY:15/16 deficit is set to surpass not only its target of 8.9% of GDP but also the past year’s outcome of 11.5% of GDP
The envisaged fiscal consolidation in 2016/17 is out reach without additional corrective fiscal measures
APPENDIX: FINANCIAL MARKETS