WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: Greece’s stats agency (EL.STAT.) released earlier today its flash GDP estimate for the second quarter of this year. The data revealed that real output expanded by 0.8% on quarter-on-quarter seasonally adjusted (QoQ s.a.) basis. Data came out much better than the consensus view and Eurobank’s NOWcasting (mid-point) estimate of -0.6% that was published in late July. This translates into a positive year-on-year (YoY) growth of +1.4% and compares with a revised realization of 0% QoQ/+0.5% YoY in Q1 2015 (up from -0.2% QoQ/+0.35% YoY in the previous release) and compared to -0.2% QoQ/+1.4% YoY in Q4 2014. The breakdown of the data will be published along with EL.STAT.’s second estimate for Q2 GDP due on August 28.
SOUTH EASTERN EUROPE
ROMANIA: The current account deficit came at €285 mn in Jan-Jun down from €863 mn in the same period a year ago. The decline on an annual basis was driven by the rise of the secondary income surplus (by €603 mn), the decrease of the primary income gap (by €201 mn) and the decrease of the trade of goods & services surplus (by €226mn).
SERBIA: On Friday morning, financial markets were in anticipation of the US labor data to be released later today. The US payrolls report will fuel further market talk about a prospective Federal Reserve rate hike in September.
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