piraeus bank group

Economic Indicators Bulletin for SEE - February 2016

In Albania, in January, inflation increased to 1.5% compared to 1.3% in January 2015, as food price growth almost doubled to 4.3% YoY from 2.2% for the same months. However, energy and housing price growth remains in negative territory.

In Bulgaria, in January, private sector credit contracted at a slower rate of 1.9% YoY from a contraction of 8.5% in January 2015, as business loans decreased by 2.0% from -11.9% for the same months and household lending decreased by approximately 2.0%. Private sector deposits stabilised in January, recording an increase of 5.2% compared to 0.2% in January last year.

In Cyprus, in January, total credit contracted by 7.8% YoY from a decrease of 1.7% in January 2015, as business and household loans both contracted at a similar rate. Total deposits increased by 1.3% YoY in January from -4.1% in the same month in 2015, with both business and household deposits playing a significant role in this improvement.

In Romania, in January, total credit increased by 2.7% YoY from -3.7% in January last year, as business and household lending increased at a similar rate. Total deposits increased by 6.5% YoY in January compared to 5.0% in the same month last year.

In Serbia, total loans increased by 0.9% YoY in January from 7.3% in the same month in 2015, with business and household lending both increasing. Total deposits increased by 4.1% YoY in the first month of the current year from 11.6% in January last year.

Ilias Lekkos
Group Chief Economist
Dimitria Rotsika