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Year: Month: All releases Economy Sectors Companies
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Regional Fixed Income Market Watch | December 2017

15 Jan, 2018

Highlights

  • US GDP growth in 3Q17 was revised down to an annualized 3.2% y/y (3rd estimate) from an annualized 3.3% y/y (2nd estimate). GDP growth in EU19 was 2.6% y/y in 3Q17. The Turkish economy grew 11.1% y/y in 3Q17, from a low base in 3Q16 (-0.8% y/y), reflecting increases in private consumption and investment expenditures.
  • Based on rapid estimates, economic growth in November 2017 came in at 9.2% y/y in Armenia, 3.7% y/y in Georgia, and 2.3% y/y in Kazakhstan. In 11M17, GDP was up 2.2% y/y in Belarus and down 0.2% y/y in Azerbaijan.
  • Annual inflation in the US was up to 2.2% in November 2017 from 2.0% in the previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was down to 1.4% in December 2017 from 1.5% in November 2017.
  • In December 2017, annual inflation decreased in Turkey (11.9%), Georgia (6.7%), and Kazakhstan (7.1%) and increased in Armenia (2.6%). In Russia inflation remained unchanged at 2.5% in December 2017. November 2017 figures indicate a decrease in annual inflation to 13.6% in Ukraine and 10.5% in Azerbaijan and an increase to 4.9% in Belarus.
  • In December 2017, in response to increased inflation expectations, the Georgian and Ukrainian central banks raised monetary policy rates further to 7.25% and 14.5%, respectively, while the Russian central bank lowered its monetary policy rate to 7.75%, given the downward deviation of inflation from the target level of 4.0%. The policy rate has remained unchanged in other countries.

 

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


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Regional Fixed Income Market Watch | November 2017

11 Dec, 2017

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.


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Regional Fixed Income Market Watch | October 2017

9 Nov, 2017

Highlights

  • US GDP in 3Q17 grew at an annualized rate of 3.0% y/y (‘advance’ estimate) after expanding 3.1% y/y in 2Q17. The growth reflected increases in consumer spending, inventory and business investments, and export. GDP growth in EU19 was higher at 2.5% y/y in 3Q17 after 2.3% in 2Q17 and 2.0% in 1Q17. The Chinese economy grew 6.8% y/y in 3Q17.
  • Based on rapid estimates, economic growth in September 2017 came in at 6.0% y/y in Kazakhstan, 5.0% y/y in Georgia, 2.5% y/y in Armenia, and 2.0% y/y in Russia. In 9M17, GDP was up 1.7% y/y in Belarus and down 0.6% y/y in Azerbaijan.
  • Annual inflation in the US was up to 2.2% in September 2017 from 1.9% in the previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was down to 1.4% in October 2017 from 1.5% in September 2017.
  • In October 2017, annual inflation increased in Turkey (11.9%), Kazakhstan (7.7%), Georgia (6.4%), and Armenia (1.2%) and decreased in Russia (2.7%). September 2017 figures indicate an increase in annual inflation to 16.4% in Ukraine and decreases to 13.1% and 4.9% in Azerbaijan and Belarus, respectively.
  • In October 2017, in response to low inflation, the Russian and Belarusian central banks lowered monetary policy rates further to 8.25% and 11.0%, respectively, while the Ukrainian central bank raised its monetary policy rate to 13.5%, given increased price pressure. The policy rate has remained unchanged in other countries.

 

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


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Regional Fixed Income Market Watch | September 2017

10 Oct, 2017

Highlights

  • US GDP growth in 2Q17 was revised up to an annualized 3.1% y/y (3rd estimate) from an annualized 3.0% y/y (2nd estimate). Revised figures show that GDP growth in EU19 came in at 2.3% y/y in 2Q17 after 2.0% y/y growth in 1Q17. The Turkish economy grew 5.1% y/y in 2Q17 after 5.2% y/y in 1Q17.
  • Based on rapid estimates, economic growth in August 2017 came in at 7.8% y/y in Kazakhstan, 4.3% y/y in Georgia, 2.8% y/y in Russia, and 2.4% y/y in Armenia. In 8M17, GDP was up 1.6% y/y in Belarus and down 1.1% y/y in Azerbaijan. GDP in Ukraine was revised down to an annualized 2.3% y/y in 2Q17 (from 2.4% y/y).
  • Annual inflation in the US was up to 1.9% in August 2017 from 1.7% in the previous month. Based on the Eurostat flash estimate, annual inflation in EU19 has remained unchanged at 1.5% in September 2017.
  • In September 2017, annual inflation increased in Turkey (11.2%), Kazakhstan (7.1%), Georgia (6.2%), and Armenia (1.0%) and decreased in Russia (3.0%). August 2017 figures indicate an increase in annual inflation to 16.2% in Ukraine and a decrease to 14.0% and 5.3% in Azerbaijan and Belarus, respectively.
  • In September 2017 the Russian and Belarusian central banks lowered their policy rates in response to low inflation to 8.5% and 11.5%, respectively. The policy rate has remained unchanged in other countries.

 

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


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