Highlights

  • US GDP growth in 3Q17 was revised up to an annualized 3.3% y/y (2nd estimate) from an annualized 3.0% y/y (advance estimate). Revised figures show that GDP growth in EU19 came in at 2.6% y/y in 3Q17, after 2.4% y/y growth in 2Q17.
  • Based on rapid estimates, economic growth in October 2017 came in at 17.6% y/y in Armenia, 5.7% y/y in Georgia, 1.4% y/y in Kazakhstan, and 0.5% y/y in Russia. In 10M17, GDP was up 2.0% y/y in Belarus and down 0.7% y/y in Azerbaijan.
  • Annual inflation in the US was down to 2.0% in October 2017 from 2.2% in the previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was up to 1.5% in November 2017 from 1.4% in October 2017.
  • In November 2017, annual inflation increased in Turkey (13.0%), Georgia (6.9%), and Armenia (2.2%) and decreased in Kazakhstan (7.3%) and Russia (2.5%). October 2017 figures indicate a decrease in annual inflation to 14.6% in Ukraine, 12.0% in Azerbaijan and 3.9% in Belarus.
  • There were no monetary policy rate changes in November 2017.

Please see the full report for detailed coverage of the fixed income markets of Georgia, Armenia, Azerbaijan, Belarus, Kazakhstan, and Ukraine.