HIGHLIGHTS
February 16 2023
Global Markets
US data released yesterday surprised to the upside, highlighting risks of inflation staying high for longer and providing further support to the prevailing view that the Fed’s tightening cycle has more to run in order to tame inflation. Longer-dated UST yields rose further, and the USD retained a broadly firm tone.
Greece
According to ELSTAT, the annual inflation rate based on the HICP, after hitting an all-time high in Sep-22 (12.1%), declined for a fourth month in a row in Jan-23 registering a value of 7.3% (8.5% in the Euro Area), marginally higher than Eurostat’s flash estimate, from 7.6% in Dec-22.
CESEE
The Cypriot economy grew on an annual basis by 4.4% in Q4-2022 according to the GDP flash estimate, marking a deceleration relative to Q3-2022 (5.4%). Based on the non-revised growth figures for the previous quarters last year, average GDP increase in 2022 stands at 5.6%, weakening moderately from 2021’s robust growth of 6.6%.
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