Weekly Report 22 - 28 November 2016


The banking sector bottom line almost doubles on an annual basis in Q3:16, despite strong headwinds



The current account deficit rises to 2.1% of GDP on a 12-month rolling basis in September from 1.2% at end-2015, in line with stronger private consumption



The profitability of the banking system improves slightly in Q3:16, despite higher provisioning



External rebalancing continues in 9M:16, with the current account deficit easing to a record low of 4.0% in September on a 12-month rolling basis, supported by favourable energy prices and buoyant exports



A positive IMF statement at the end of the 2016 Article IV Consultation

Tourist arrivals rise modestly in 9M:16

Tourist receipts reach an all-time high of EUR 176.0mn (1.8% of GDP) in 8M:16



The banking sector bottom line weakens on an annual basis in 9M:16, mainly due to higher provisioning prompted by the bankruptcy of two large companies



The decline in real estate prices slows in H1:16

Tourist arrivals rise sharply in 10M:16, benefiting mainly from elevated security concerns in Turkey and Egypt



The fiscal deficit narrows significantly in the first quarter of the fiscal year, mainly due to deferred payments and an under-execution of capital spending


Appendix: Financial Markets

Weekly Report 22 - 28 November 2016

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