Bi-Weekly Report 1 – 14 December 2020


The PSD won the December 6th Parliamentary elections, but it will likely remain in opposition, as it failed to secure an outright majority

GDP contraction eased moderately to 6.0% y-o-y in Q3:20 (up 5.6% q-o-q s.a.), following the relaxation of COVID-19 restrictions

The need of fiscal consolidation is set to weigh on GDP growth in FY:21



GDP contraction eased markedly in Q3:20 (to 3.3% y-o-y), following the re-opening of the economy

Economic growth is set to lose momentum in Q4:20, in view of the particularly intense second COVID-19 wave

GDP is set to rebound in FY:21, recouping a significant part of its COVID-19-related losses



The launch of EU membership negotiations with Albania is put on hold

Budget deficit hits record-high levels, due to the impact of the twin shocks (COVID-19, 2019 earthquake)

Pre-election spending pressures and a looser incomes policy, together with increased capital spending, would slow down fiscal consolidation in FY:21



Bi-Weekly Report 1 – 14 December 2020

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