Weekly Report 23-29 February 2016


Banking sector bottom line remains resilient in FY:15, despite strong headwinds



Current account deficit widens to 1.1% of GDP in FY:15 from a recent low of 0.5% in FY:14, due to stronger domestic demand and higher income outflows



Current account surplus stands at 1.2% of GDP in FY:15, unchanged compared with FY:14, as higher income outflows broadly offset the better trade performance



Completion of the 4th review of the 3-year EUR 1.2bn precautionary SBA with the IMF was deferred to after legislative elections

Headline inflation rises temporarily to 2.4% y-o-y in January, due to higher volatile fruit and vegetable prices



Parliament postpones early legislative elections to June 5th

Current account deficit widens to 1.4% of GDP in 2015 from an 8-year low of 0.8% of GDP in 2014



Public debt-to-GDP ratio broadly stabilises at 72.2% in 2015, after having surged by a cumulative 14.4 pps of GDP in the past 4 years



Decline in real estate prices slows, for the first time in 5 years, to 4.3% y-o-y in 2015

Tourist receipts reach a 14-year high of EUR 2.1bn (12.2% of GDP) in FY:15



Unemployment rate declines by 0.1 pp y-o-y to 12.8% in Q2:15/16

Quarterly real GDP growth moderates sharply to 3.0% y-o-y in Q1:15/16 from a multi-year high of 5.6% a year earlier



Weekly Report 23-29 February 2016

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