Weekly Report 9-15 February 2016


Current account deficit eases to a 6-year low in 2015; however, the quality of its financing deteriorated significantly

Industrial production surges in Q4:15, pointing to stronger-than-initially-estimated real GDP growth



Fiscal deficit narrows to 1.5% of GDP in FY:15, overperforming compared with its target and the FY:14 outcome



Fiscal consolidation resumes in FY:15, with the budget deficit moderating to 2.9% of GDP from 3.7% in FY:14 -- slightly below the EU threshold of 3.0% and its target of 3.3%



Impressive fiscal consolidation in FY:15



Fiscal consolidation resumes in 2015, for the first time since 2011

Headline inflation turns positive in January (+0.1% y-o-y), mainly due to slower food deflation



Headline inflation eases sharply to 1.5% y-o-y in January from 2.0% in December, due to low imported inflation

The cycle of monetary policy easing has likely come to an end



Economic growth reaches a 7-year high of 2.4% y-o-y in Q4:15

Deflation accelerates to -1.3% y-o-y in January, mainly due to a moderation in the prices of volatile fruit & vegetables



Headline inflation eases to 10.1% in January

The signing of an agreement with the Fund will strengthen the CBE's hand to proceed with sharp rate hikes by the end of this fiscal year (June 2016)



Weekly Report 9-15 February 2016

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