Weekly Report 21-27 June 2016

TURKEY

Tourism industry crisis deepens in May, due to rising security concerns and persisting tensions with Russia

The seasonally-adjusted unemployment rate declines to a 7-quarter low of 9.9% in Q1:16

 

ROMANIA

Albeit still strong, underlying growth in credit to the private sector shows signs of slowdown in May (up 7.5% y-o-y)

Deposit growth gains steam in May, underpinned by strong economic activity

 

BULGARIA

Profitability of the banking system improves in Q1:16, due to higher pre-provision net operating income

 

SERBIA

Fitch upgrades Serbia’s long-term sovereign debt rating to BB-

The IMF reaches a staff-level agreement with the authorities on the 4th and 5th reviews of the 3-year EUR 1.2bn precautionary SBA

 

FYROM

Customer deposit growth weakens markedly in the first five months of the year, amid deepening domestic political crisis

Lending activity also loses steam in 5M:15, on the back of weakening loan demand and supply

Unemployment rate declines to a record low of 24.5% and employment growth reaches 2.5% y-o-y in Q1:16

 

ALBANIA

Current account deficit remains broadly flat on an annual basis in Q1:16

 

CYPRUS

Banking sector’s bottom line weakens on an annual basis in Q1:16, mainly due to lower net interest income and higher personnel expenses

 

EGYPT

The FY:15/16 deficit is set to surpass not only its target of 8.9% of GDP but also the past year’s outcome of 11.5% of GDP

The envisaged fiscal consolidation in 2016/17 is out reach without additional corrective fiscal measures

 

APPENDIX: FINANCIAL MARKETS

Weekly Report 21-27 June 2016
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