Bi-Weekly Report 28 May-10 June 2019


The contraction in GDP slowed to -2.6% y-o-y in Q1:19 from -3.0% in Q4:18, due to a temporary boost from pre-election stimulus measures

Headline inflation eased to an 8-month low of 18.7% y-o-y in May from 19.5% in April, mainly due to more favourable food prices

The CBRT would remain on hold until Q3:19, before initiating a new cycle of monetary policy easing



The European Commission (EC) recommends the opening of accession negotiations with North Macedonia



The ruling Democratic Rally party (DISY) narrowly secures a victory in the European Parliamentary (EP) elections

Tourist activity weakened further in Q1:19, dragged down by the main source countries (the UK and Israel) and unsupportive base effects



Economic growth strengthened further in H1:18/19, reaching a record high of 5.4% y-o-y, with a significant rebalancing from consumption towards investment and exports

GDP growth is on track to reach an 11-year high of 5.5% this fiscal year (ending in June 2019)



Bi-Weekly Report 28 May-10 June 2019

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