Southeast Europe / Data
Turkey burns through towards $30bn in reserves after detaining Imamoglu
Regime has struggled to stabilise the financial markets but, as things stand, the situation does not threaten its survival.
Romania’s macroeconomic confidence index declines amid recession fears
Decline reflects growing concerns over economic uncertainty and a potential recession.
Kosovo’s trade gap up 13.6% y/y in February
Exports dropped by 4.3% y/y to €67.3mn in February, while imports were up 10.9% to €518.6mn.
Moldova keeps base rate at 6.5% despite disappointing economic growth
Previously the BNM hiked the monetary policy rate twice since the beginning of the year to address rising inflation prompted by regulated energy prices
Bulgaria’s consumer inflation speeds up to 4% in February
Consumer prices declined during 2024 but have recently started to rise with the strongest increase in restaurant and hotel prices.
Moldova’s GDP close to a standstill in 2024 due to weak agriculture
Value added generated by agriculture, accounting for 7.1% of GDP, contracted by 19% in 2024.
Number of foreign-invested companies in Uzbekistan grows by 340 in February to 15,503
China continues to extend lead in ranking of number of companies foreign investors have set up and backed in Central Asia's second largest economy. Russia second, Turkey third.
Kosovo’s economy expands by annual 4.08% in 4Q24
Strong growth reported in Kosovo's manufacturing sector, which expanded by 4.35%.
North Macedonia’s central bank maintains key interest rate at 5.35%
Central bank says global geopolitical uncertainties and rising protectionist policies have reinforced the need for prudence.
Moldova’s inflation eases to 8.6% y/y in February as government subsidises electricity prices
Moldova's government announced subsidies after Gazprom cut off gas supplies previously used to generate electricity.
North Macedonia’s FX reserves up 11.8% y/y at end-February
North Macedonia’s gross international reserves reach €4.861bn at end-February.
Private consumption fuelled Romania's modest 2024 GDP growth
Romania's GDP grew by just 0.9% in 2024 as agriculture and consumption sectors shrank while industry stagnated.
Romania’s retail sales show signs of fatigue in January
Retail sales volume in Romania increased by 4.1% y/y in January, half the 8.6% y/y advance in 2024 and 9.2% y/y in Q4 2024, according to data published by the statistics office.
Romania’s PMI inches up in February from record low in January
The Manufacturing PMI in Romania inched up in February to 48.3 from the record low of 46.1 in January, remaining significantly below the 50 neutral mark for the eighth consecutive month, according to BCR Romania.
Turkey delivers third consecutive 250-bp rate cut in line with expectations
Policy rate now stands at 42.5% versus official inflation of 39%.
PMI shows Turkish manufacturing endured another tough month in February
Manufacturers proved reluctant to take on staff or invest in buying in new materials. Headwinds around inflation continued to build.
Serbia reports 16% growth in foreign tourist numbers
Largest numbers of tourists recorded from neighbouring countries, plus Russia and Turkey.
Turkey's official inflation edges below 40% in February
ENAG research group of economists contends rate actually stands at 80%.
Turkey releases official GDP growth of 3.2% for 2024
The finance industry sought a technical recession and got one. That has now been exited.
Emirates NBD intermediates 26 eurobond sales by Turkish issuers in 2024
Turkey's eurobond sellers last year raised $33bn from 46 papers, setting an annual record, while redeeming $16bn on 19 papers.