piraeus bank group

Economic Indicators Bulletin in Southeastern Europe - July 2013

  • The International Monetary Fund (IMF) and the World Bank are expected to set up a financial sector assessment program in Albania, in order to evaluate the country’s financial sector stability and the needs for further development in the local banking sector.
  • On July 12th, the international rating agency, Fitch Ratings affirmed Bulgaria’s long-term foreign and local currency Issuer Default Ratings (IDR) at ΒΒΒ-/ΒΒΒ with stable outlook. The possibility of a further deterioration in the Eurozone debt crisis, the weakened prospects for economic activity and fiscal consolidation are credit negative. Whereas, the implementation of structural reforms are credit positive in the medium term.
  • In Cyprus, according to the latest Eurostat data, public debt in 2013Q1 increased to 86.9% of GDP from 85.8% in 2012Q4 and 74.3% in 2012Q1.
  • The IMF’s Managing Director outlined Romania’s exit from the EU’s excessive deficit procedure, the moderation of the fiscal deficit and the successful steps taken toward energy price liberalization.
  • Electricity prices in Serbia will increase by 10.9% from the 1st August. However, according to the National Bank of Serbia (NBS) this increase is not expected to negatively affect inflation in the following months as the NBS had incorporated this in its inflation expectations and monetary policy decisions.