Weekly Report 8 - 14 November 2016

​TURKEY                                                                                     
The EU warns Turkey that its candidacy for membership is at risk
The current account deteriorates for a second consecutive month in September, due to lower tourist receipts and a less favourable energy bill
Turkey falls six places in the World Bank’s Ease of Doing Business Ranking 2017
        
ROMANIA
The fiscal balance deteriorates sharply, by 1.6 pps y-o-y, to a deficit of 0.5% of GDP in 9M:16 ahead of the December general elections
        
BULGARIA
PM B. Borisov resigns following the election as President the opposition candidate, R. Radev
Impressive fiscal consolidation in 9M:16, due to under-execution of capital spending and, to a smaller extent, higher tax revenue
        
SERBIA
European Commission states that Serbia’s EU accession pace hinges on sustained progress in two key areas
           
FYROM
European Commission maintains the conditional recommendation to open accession negotiations with FYROM
The current account deficit remains broadly unchanged, on an annual basis, at 1.0% of GDP in 8M:16
        
ALBANIA
European Commission grants Albania a conditional recommendation to open EU accession talks

CYPRUS                                                                                     
Fiscal discipline was maintained, with a broadly unchanged primary surplus of 2.9% of GDP in 9M:16
A measured fiscal loosening in sight next year
        
EGYPT
Egypt secures large financial support from the IMF
Headline inflation declines to 13.6% y-o-y in October from 14.1% y-o-y in September, as a significant downside correction in prices of fruit & vegetables offset a sharp rise in core inflation
The CBE increases its policy rates sharply, by 300 bps, in early-November

APPENDIX: FINANCIAL MARKETS