Bi-Weekly Report 26 September-9 October 2017


The new Medium-Term Programme aims to maintain economic growth at a high 5.5%



The NBR signaled its tightening bias by narrowing its interest rate corridor, while keeping its key rate on hold

Romania falls to 68th place in the World Economic Forum's Global Competitiveness Index



Leading indicators point to solid economic growth in Q3:17, with stronger support from investment

Bulgaria rose to 49th place in the World Economic Forum's Global Competitiveness Index



Serbia's competitiveness improved in 2017-18 for a 4th successive year

The fiscal performance improved markedly in 8Μ:17



The current account deficit reversed course in Q2:17, narrowing by a sizeable 1.3 pps y-o-y to 0.9% of GDP on the back of strong exports

Headline inflation declined to 1.5% y-o-y in September from its peak of 1.8% in August, but remained well above the end-2016 level of -0.2%



Albania's competitiveness improved for a 3rd successive year in 2017-18

Economic growth strengthened in H1:17 (up 4.0% y-o-y), on the back of buoyant mining and construction sectors



Positive EC/ECB Post-Programme Review

Cyprus' global competitiveness ranking improved for the first time in 8 years



Egypt's global competitiveness ranking improved significantly this year

Customer deposits (FX-adjusted) gained momentum in FY:16/17, underpinned by strengthening confidence in the Egyptian economy and higher EGP remuneration rates

Credit to the private sector (FX-adjusted) accelerated in FY:16/17, supported by ample liquidity for banks, improved asset quality and a strong capital base


Appendix: Financial Markets

Bi-Weekly Report 26 September-9 October 2017