Weekly Report 15 - 21 November 2016


Industrial production suggests a sharp slowdown in economic activity in Q3:16

The Government initiates an expansionary fiscal policy in October in an effort to boost the waning economy



Real GDP growth slows in Q3:16

Headline inflation rises to -0.4% y-o-y in October from -0.6% in September, due to higher fuel prices



Economic growth maintains momentum in Q3:16

Headline inflation remains flat at -0.6% y-o-y in October



FX-adjusted customer deposit growth reaches a 7-year high of 10.3% y-o-y in September, reflecting strengthening confidence in the domestic economy

FX-adjusted credit activity growth accelerates to a 4-year high of 4.4% y-o-y in September, supported by stronger loan supply and demand



Banking sector profitability reaches an 8-year high in Q3:16



Headline inflation slows to 1.5% y-o-y in October, supported by favourable food prices and softer core inflation

Customer deposit growth (FX-adjusted) remains subdued in Q3:16 (up 2.4% y-o-y), due to competition from the attractive domestic debt market

Credit growth, adjusted for write-offs and FX variations, gains momentum in Q3:16 (up c. 5.0% y-o-y), supported by improving loan supply



Economic growth reaches an 8-year high of 2.9% y-o-y in Q3:16



The unemployment rate declines by 0.2 pps y-o-y to 12.5% in Q1:16/17 (July-September 2016)

The tourism crisis is set to ease gradually, following a sharp depreciation of the domestic currency and the removal of travel bans by key source countries in Q2:16/17


Appendix: Financial Markets

Weekly Report 15 - 21 November 2016

Contact Us

We are always ready to respond to your requests for information or to answer your questions about our products and services.

Request more information

Please complete the following details so we can provide you the information you need. In case of fraud, please contact our call center directly at 210 484 8484.
Optional custom content that replaces the the entire default content.