HIGHLIGHTS
February 21 2023
Global Markets
The prospect of several major central banks staying hawkish on rate tightening for longer than earlier expected continues to weigh on risk sentiment and fixed income markets, while the USD retained a broadly positive tone, with the EUR/USD moving modestly lower, to levels just below 1.0680 ahead of today’s preliminary February PMIs.
Greece
According to the balance of payments data published yesterday by the Bank of Greece (BoG), the deficit in the current account balance widened to €20.1bn in 2022 from €12.3bn in 2021 (+€7.9bn and +65.1%). Given a nominal GDP growth rate of 15.7% (2023 Budget), the deficit in the current account balance stood at 9.6% of GDP, the highest deficit since 2010, from 6.8% in 2021 and 6.6% in 2020.
CESEE
In Turkey, the central government debt stood at TRY4,178.3bn (+46.9%YoY) in Jan-23, mainly due to the rise in external debt stock (+47.6%YoY, at TRY2,199.3bn). Further government support measures for the regions hit by the February 6 earthquakes, totaling TRY120bn (approx. $6.4bn).
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