GLOBAL & REGIONAL DAILY (Friday, 5 June 2020)
GLOBAL & REGIONAL DAILY
June 5, 2020
Surprising markets positively at yesterday’s policy meeting, the ECB decided to increase the size of the PEPP facility by €600bn, extend the duration of the program from the end of 2020 to at least the end of June 2021 and reinvest the maturing principal payments from securities purchased under the PEPP until at least the end of 2022. Focus today is on the US non-farm payrolls report for the month of May.
According to the ELSTAT seasonally adjusted (s.a.) data (provisional), in Q1-2020 real GDP decreased by 1.6%QoQ and by 0.9%YoY. Meanwhile, according to the BoG, in Q1-2020 nominal apartment prices are estimated to have increased by 6.9%YoY, while the average annual rate of increase in 2019 was 7.3% against 1.8% in 2018.
Bulgaria: GDP growth eased to 1.2% YoY in Q1, compared to 2.9% YoY in the previous quarter. On a quarterly basis, GDP growth slowed to 0.3% QoQ, vs 0.8% QoQ in Q4. The deceleration in the economic growth was broadly anticipated given the repercussions of the Covid19 pandemic from March onwards.
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