Weekly Report 30 August - 5 September 2016
TURKEY
Headline inflation declines to 8.0% y-o-y in August from a 6-month high of 8.8% in July, due to favourable food prices and lower core inflation
Tourist arrivals decline sharply by 30.3% y-o-y to 14.2m in the first seven months of the year
ROMANIA
The 12-month rolling budget deficit widens markedly to 2.7% of GDP in July from 1.5% in December
BULGARIA
Higher tax revenue and lower capital spending push the 12-month rolling budget into balance in July from a deficit of 2.9% of GDP at end-2015
SERBIA
IMF Executive Board completes the combined 4th and 5th reviews of the ongoing 3-year EUR 1.2bn precautionary SBA (3.6% of GDP)
External adjustment reverses course in Q2:16, due to the increase in imports
FYROM
Early general elections to take place on December 11th, increasing optimism for the end of the political crisis
The current account deficit widens to 1.9% of GDP on a 12-month rolling basis in June from 1.4% in December, mainly due to a sharp decline in private transfers
ALBANIA
Banking sector bottom line weakens on an annual basis in H1:16, due to higher provisioning prompted by the bankruptcy of two large companies
CYPRUS
The fiscal performance remains solid, with a surplus of 0.2% of GDP in the first seven months of the year
Headline inflation declines slightly to -0.4% y-o-y in August from -0.2% in July
Unemployment reaches a 4-year low of 11.6% in July
EGYPT
FX reserves decline further in the first two months of 2016/17 (July- August 2016), highlighting the urgency for IFI assistance
Tourism revenue is estimated to have declined sharply by 48% to USD 3.8bn in FY:15/16
APPENDIX: FINANCIAL MARKETS