Bi-Weekly Report 29 October - 11 November 2019


Credit expansion picked up in October, driven by state-owned banks

Growth in customer deposits strengthened in October, suggesting growing confidence in the economy and improving macroeconomic trends

Tourism activity, albeit moderating, remained solid in 9M:19



A minority PNL Government takes office following the collapse of the PSD Government

Incumbent President K. Iohannis wins the first round of Presidential elections, and appears set to triumph in the run-off

Favourable energy prices kept headline inflation contained at 3.4% y-o-y in October, broadly unchanged compared with end- 2018, despite stronger domestic demand and tax hikes



The current account deficit widened markedly to a 9-year high of 7.6% of GDP, on a 4-quarter rolling basis, in Q2:19, as a less favourable external environment weighed on both goods and services balances

Headline inflation returned to negative territory, mainly due to the drop in energy prices



The current account deficit widened slightly to 2.7% of GDP in FY:18/19 (July 2018-June 2019), following a significant adjustment over the past 1½ years



Bi-Weekly Report 29 October - 11 November 2019

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