Bi-Weekly Report 26 November - 9 December 2019


Albeit losing momentum on a quarterly basis, annual GDP growth returned in positive territory in Q3:19 (up 0.9% y-o-y), driven by domestic demand and favourable base effects

Economic activity is set to improve on the back of monetary stimulus



GDP growth moderated sharply in Q3:19, on the back of weaker private consumption and increased de-stocking

With no help from fiscal policy, economic activity is set to slow further in FY:20



Fiscal compliance weakened due to mid-year local elections

The 2020 Budget is set to underperform its target of 1.6% of GDP by a wide margin, unless additional corrective fiscal measures are introduced



The underlying profitability (excluding non-recurrent revenue) of the banking system is estimated to have turned positive in H1:19, following the negative impact on the bottom line from the cleaning-up of the sector’s balance sheet in H2:18



Bi-Weekly Report 26 November - 9 December 2019

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