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Bi-Weekly Report 21 March-3 April 2017

07/04/2017 - Reports

Southeastern Europe and Mediterranean Emerging Market Economies; --Weekly Report


GDP growth for Q4:16 and FY:16 surprise on the upside

The tourism sector appears to have reached its nadir in the first two months of the year



The profitability of the banking system strengthened in FY:16

The IMF warns against fiscal slippage



Another weak coalition likely to emerge from the March 26th parliamentary election

The profitability of the banking system rose sharply in FY:16, due both to lower provisioning and higher pre-provision earnings



Vucic elected President in a landslide victory, boding well for a continuation of the reform efforts

Moody's upgrade Serbia's long-term sovereign debt rating to Ba3



Real GDP growth moderated sharply to a 4-year low of 2.4% in FY:16, as the two-year political deadlock weighed on domestic demand

The unemployment rate reached a record low of 23.7% in FY:16



The banking sector bottom line weakened in FY:16, mainly due to higher provisioning prompted by two large bankruptcies



The banking sector bottom line improves for a 5th consecutive year in FY:16



Customer deposits (FX-adjusted) gained momentum in H1:16/17, underpinned by higher EGP remuneration rates and a recovery in workers' remittances from abroad

Credit to the private sector (FX-adjusted) accelerated in H1:16/17, on the back of improving loan supply and demand


Appendix: Financial Markets