Bi-Weekly Report 11-24 June 2019
TURKEY
President Erdoğan’s AK party suffered a serious defeat in the Istanbul election re-run
Moody’s cut Turkey’s long-term sovereign credit rating by 1 notch to “B1” (4 notches below investment grade), while maintaining a negative outlook
External rebalancing continued for a 10th consecutive month in April, with the 12-month rolling current account deficit declining to a 9½-year low of 1.1% of GDP from 3.5% in December and a 6-year high of 7.1% in June
ROMANIA
GDP growth reached a 5-quarter high of 5.0% y-o-y in Q1:19
Macroeconomic imbalances are intensifying, calling for a policy response
SERBIA
The European Commission (EC) reiterated that the pace of Serbia’s EU accession depends on intense progress in two key areas: i) a more intense pace of reform on Rule of Law; and ii) normalization of its relations with Kosovo
GDP growth moderated to a still robust 2.5% y-o-y in Q1:19
ALBANIA
Political tensions heighten ahead of the June 30th local elections
The European Commission (EC) repeated its recommendation for the launch of EU membership talks with Albania
APPENDIX: FINANCIAL MARKETS