Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GREECE: On Friday morning, the Hellenic Parliament endorsed the new agreement that may unlock as much as €86bn. After a marathon debate, the third financial rescue program was approved with a majority in the early hours. In total 222 MPs supported the agreement, 64 voted against it and 11 abstained from the vote.
SOUTH EASTERN EUROPE
CYPRUS: In Q2-2015, Cyprus recorded the second positive growth rate on a quarterly and yearly basis since Q2-2011. On a seasonally and working days adjusted basis, GDP growth expanded by +0.5% qoq/+0.9% yoy in Q2-2015 up from +1.4% qoq/+0.2% yoy in Q1-2015.
BULGARIA: The economy picked up pace in Q2-2015, growing at the strongest rate since Q2-2011. According to the flash estimate, GDP growth accelerated to +0.4% qoq/+2.2% yoy up from 0.9% qoq/+2.0% yoy in Q1-2015.
ROMANIA: According to the flash estimate, real GDP on a seasonally adjusted basis edged down to +0.1% qoq/+3.7% yoy in Q2-2015 down from +1.4% qoq /+3.8% yoy in Q1-2015 undershooting consensus expectations (Bloomberg survey: +0.4% qoq/+4.8% yoy).
CESEE MARKETS: On Friday morning, CESEE currencies were on a softening mode, giving up some of the previous day gains after the release of weaker than expected second quarter national accounts data.
Daily Overview August 14, 2015
