Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: According to local media, government officials appear optimistic that by 11 August a deal will be sealed regarding the new 3rd Bailout, which will then be ratified first by the Hellenic Parliament and then by the parliaments of other Eurozone member-states. According to data released today by the Hellenic Statistical Authority the seasonally adjusted unemployment rate for May 2015 was 25.0% compared to 27.0% in May 2014 and 25.6% in April 2015.
SOUTH EASTERN EUROPE
BULGARIA: According to the latest data from the Employment Office, the rate of registered unemployment fell for the fourth month running in July, coming in at 9.4% from a 9.6% print in June, recoiling further below an 8-month high of 11.09% hit in January. July marked the second month since October 2011 when the jobless rate last stood in a single-digit figure (9.6%).
ROMANIA: Net wages accelerated further by +0.7% MoM/+7.8% YoY in June up from -2.7% MoM/7.4% YoY in May. Robust real wage growth in private and public sector in tandem with improving sentiment and labor market tightening conditions have been fueling a revival of consumption spending in the first half of 2015, a trend which most probably will continue in Q3.
SERBIA: The Prime Minister of Serbia, Mr. Vucic, expressed his optimism yesterday that the economy will come out of recession in the 2H-2015. According to him, growth will reach 0.5-1% in 2015 and accelerate to 2% in 2016.
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