GLOBAL & REGIONAL DAILY (Tuesday 11 May, 2021)
GLOBAL & REGIONAL DAILY
May 11 2021
Inflation concerns prevail ahead of tomorrow’s US inflation data, with the US 5y5y forward inflation swap moving above 2.50% for the first time since early 2018. In FX markets, the GBP was the main outperformer in the G10, after the results from a series of local UK elections strengthened the Conservative party’s position.
According to ELSTAT, the overall industrial production index (IPI) in Mar-21 increased by 5.5%YoY, while in Mar-20 it had increased by 0.03%YoY. Meanwhile for the period January – March 2021 the deficit of the trade balance contracted by 9.8%YoY.
In the updated Convergence Programme submitted by the Bulgarian government to the European Commission (EC), a 2.7% GDP growth in 2021 and a further acceleration of 3.6% in 2022 are projected. Both figures are in line with those recently released by IFIs, such as the World Bank and the EC.
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