Δισεβδομαδιαία Επισκόπηση 15-28 Αυγούστου 2017
Turkey
Banking sector bottom line posted double-digit growth in Q2:17, despite strong headwinds from non-core activities
Romania
The current account deficit widened to 2.7% of GDP on a 4-quarter rolling basis in Q2:17 from 2.3% at end-2016, reflecting sizable fiscal policy stimulus
Overheating pressures should prompt the NBR to tighten its stance
Bulgaria
The 4-quarter rolling current account surplus narrowed to 3.7% of GDP in Q2:17 from 4.2% in Q4:16, due to a higher energy bill
Tourism activity remained strong in H1:17, sustaining economic growth and the CAS
Serbia
The profitability of the banking system improved markedly in Q1:17
FYROM
The fiscal deficit widened in the first 7 months of the year, as the new Government started the clearance of accumulated arrears
The FY:17 fiscal deficit target is set to surpass its target by a wide margin (0.9 pps of GDP), unless some pre-election pledges are postponed and/or capital spending is under-executed
Albania
The fiscal balance deteriorated in 7M:17, due to pre-election expenditure slippage
The FY:17 fiscal deficit is set to overperform both its target and the FY:16 outcome, assuming expenditure is brought back on track after the elections
Cyprus
Tourist arrivals growth slowed to a still strong 18.1% y-o-y on a 12-month rolling basis in July from 21.2% in December, mainly due to a slowdown from the main source countries -- the UK and Russia
Banking sector deleveraging slowed in H1:17, due to an increase in new loans
Customer deposit growth declined in H1:17, mainly driven by non-residents
Egypt
The IMF-supported programme has started to bear fruit, with the fiscal deficit narrowing by an estimated 2.0 pps to a still high 10.5% of GDP in FY:16/17
SDR-denominated Suez Canal receipts (SCR) boosted budget revenue by an estimated 0.4 pps of GDP in FY:16/17, on the back of large currency valuation effects
Appendix: Financial Markets