Bi-Weekly Report 16-29 May 2017

Turkey                                                                                     

President Erdogan resumes his role as Chairman of the ruling AKP party

Buoyant exports contain the deterioration of the current account in Q1:17 to 3.9% of GDP on a 12-month rolling basis

        

Romania

The current account deficit widened slightly to 2.5% of GDP on a 4-quarter rolling basis in Q1:17 from 2.3% at end-2016, in line with stronger domestic demand

The impending adoption of the unified pay scheme of the public sector threatens macroeconomic and financial stability

        

Bulgaria

The 4-quarter rolling current account surplus narrowed to 3.8% of GDP in Q1:17 from 4.2% in Q4:16

The tourism sector continued to overperform in Q1:17, sustaining economic growth and the current account surplus

        

Serbia

The reform drive is set to continue under Vucic's Presidency

The fiscal performance improved markedly in Q1:17, with the 12-month rolling deficit narrowing to 0.6% of GDP in March from 1.3% of GDP in December

        

FYROM

A new Government finally takes office

Banking sector profitability improved in Q1:17, suggesting that the political turmoil has not affected activity

        

Albania

The opposition ended their Parliamentary boycott, and voted for a caretaker Government ahead of the June 25th parliamentary elections

The fiscal balance deteriorated slightly in 4M:17, due to pre-election expenditure slippage

 

Cyprus                                                                                     

A good start to the year for the tourism sector

 

Egypt

The CBE proceeded with an across-the-board hike to its policy rates by 200 bps to dampen increasing demand-side pressures and anchor inflation expectations

The tourism sector is emerging from a deep crisis, mainly supported by more competitive prices and improved security conditions

 

Appendix: Financial Markets

Bi-Weekly Report 16-29 May 2017
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