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Year: Month: All releases Economy Sectors Companies
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Regional Fixed Income Market Watch | May 2019

19 June, 2019

Highlights

  • Real GDP growth in the US was revised down to an annualized 3.1% (2nd estimate) in 1Q19 from 3.2% initial estimate. Unemployment rate was 3.6% in May 2019, unchanged from previous month.
  • Turkish economy contracted by 2.6% y/y in 1Q19, after falling 3.0% y/y in 4Q18.
  • In April 2019, economic growth was 9.2% y/y in Armenia, 5.1% y/y in Georgia, 3.6% y/y in Kazakhstan and 2.7% y/y in Russia, based on preliminary data. In 4M19, real GDP growth was 2.1% y/y in Azerbaijan and 1.2% y/y in Belarus.
  • Annual inflation in the US was 1.8% in May 2019, down from 2.0% in previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was 1.2% in May 2019, down from 1.7% in April 2019.
  • In May 2019, annual inflation was above the target level in Georgia (4.7%), Russia (5.1%), Belarus (6.2%), Ukraine (9.6%) and Turkey (18.7%); inflation was within the target range in Kazakhstan (5.3%), and below the target in Armenia (2.8%). Annual inflation was 2.8% in Azerbaijan in May 2019.
  • Monetary policy rate was reduced by 0.25bp to 8.5% in Azerbaijan, by 0.25bp to 7.5% in Russia and has remained unchanged in other countries as of 18 June 2019.
  • Moody’s downgraded the sovereign credit rating of Turkey to B1 from Ba3 keeping negative outlook on 14 June 2019.


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 | April 2019

16 May, 2019

Highlights

  • Real GDP in the US grew at a 3.2% annualized rate (initial estimate) in 1Q19 after 2.2% growth in 4Q18. Unemployment rate was 3.6% in April 2019, down from 3.8% in previous month.
  • EU19 real GDP growth was 1.2% y/y in 1Q19 same as in 4Q18. Unemployment rate in EU19 was 7.7% in March 2019, down from 7.8% in February 2019.
  • Chinese economy increased by 6.4% y/y in 1Q19.
  • In March 2019, economic growth was 6.2% y/y in Armenia, 6.0% y/y in Georgia, 5.3% y/y in Kazakhstan and -0.1% y/y in Russia, based on preliminary data. In 1Q19, real GDP growth was 3.0% y/y in Azerbaijan, 2.2% in Ukraine and 1.1% y/y in Belarus.
  • Annual inflation in the US was 2.0% in April 2019, up from 1.9% in previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was 1.7% in April 2019, up from 1.4% in March 2019.
  • In April 2019, annual inflation was above the target level in Georgia (4.1%), Russia (5.2%), Belarus (5.5%), Ukraine (8.8%) and Turkey (19.5%); inflation was within the target range in Kazakhstan (4.9%), and below the target in Armenia (2.2%).
  • Monetary policy rate was cut by 0.25bps to 8.75% in Azerbaijan, by 0.25bps to 9.0% in Kazakhstan, by 0.5bps to 17.5% in Ukraine and has remained unchanged in other countries in April 2019.
  • In April 2019, S&P affirmed the sovereign credit rating of Georgia at BB- and revised the outlook to positive from stable.

 

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 | March 2019

12 Apr, 2019

Highlights

  • US real GDP growth in 4Q18 was revised down to an annualized 2.2% (3rd estimate), from 2.6% initial estimate. Unemployment rate was unchanged at 3.8% in March 2019.
  • In February 2019, economic growth accelerated and came in at 7.6% y/y in Armenia, 4.6% y/y in Georgia, 4.3% y/y in Kazakhstan and 2.1% y/y in Russia, based on rapid estimates. In 2M19, real GDP growth was 3.0% y/y in Azerbaijan and 0.8% y/y in Belarus.
  • According to the IMF’s 2019 World Economic Outlook, real GDP growth projections for 2019 remained unchanged for Georgia (4.6%), Ukraine (2.7%) and Russia (1.6%), while it was reduced for Armenia (-0.2ppts to 4.6%), Azerbaijan (-0.2ppts to 3.4%), Belarus (-1.3ppts to 1.8%) and Turkey (-2.9ppts to -2.5%); real GDP growth projection was revised upwards for Kazakhstan (+0.1ppts to 3.2%).  
  • Annual inflation in the US was 1.9% in March 2019, up from 1.5% in previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was 1.4% in March 2019, down from 1.5% in February 2019.
  • In March 2019, annual inflation was above the target level in Georgia (3.7%), Russia (5.3%), Belarus (5.8%), Ukraine (8.6%) and Turkey (19.7%); inflation was within the target range in Kazakhstan (4.8%), and below the target in Armenia (1.9%).
  • Monetary policy rate was cut by 0.25bp to 6.5% in Georgia, by 0.25bp to 9.0% in Azerbaijan and has remained unchanged in other countries in March 2019.

 

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 | February 2019

20 Mar, 2019

Highlights

  • Real GDP in the US grew at a 2.6% annualized rate (initial estimate) in 4Q18 after 3.4% growth in 3Q18. Unemployment rate was 3.8% in February 2019, down from 4.0% in previous month.
  • EU19 real GDP grew by 1.1% y/y in 4Q18 after 1.6% y/y growth in 3Q18. Unemployment rate in EU19 was unchanged at 7.8% in January 2019.
  • Turkish economy contracted by 3.0% y/y in 4Q18, bringing 2018 real GDP growth at 2.6% y/y.
  • In January 2019, economic growth was 6.0% y/y in Armenia, 3.5% y/y in Georgia, 2.9% y/y in Kazakhstan, 2.9% y/y in Azerbaijan, 0.7% y/y in Belarus and 0.2% y/y in Russia, based on rapid estimates.
  • Annual inflation in the US was 1.5% in February 2019, down from 1.6% in previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was 1.5% in February 2019, up from 1.4% in January 2019.
  • In February 2019, annual inflation was below the target level in Armenia (1.9%) and Georgia (2.3%); inflation was within the target range in Kazakhstan (4.8%), and above the target in Russia (5.2%), Belarus (6.2%), Ukraine (8.8%) and Turkey (19.7%). Annual inflation was 2.2% in Azerbaijan.
  • As of 19 March 2019, monetary policy rate was cut by 0.25bp to 6.5% in Georgia, by 0.25bp to 9.0% in Azerbaijan and has remained unchanged in other countries.
  • In February 2019, Fitch upgraded Georgia’s sovereign credit rating to BB from BB-, with stable outlook.

 


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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