Page 56 - bne_Magazine_July_2018

56 I New Europe in Numbers bne July 2018
Russia number of banks (eop)
CBR says Russia's banking sector clean up nearly over
Turkey's foreign trade deficit
The Central Bank of Russia (CBR) believes the banking sector clean up is nearly over, central bank governor Elvira Nabiullina said on June 2, as the number of banks has fallen to 534.
"We expect that our measures for improvement of regulatory supervi- sion quality in the banking sector will make it possible to complete the market cleaning process in the near term," Nabiullina said, as cited by TASS.
The number of banks is approaching 300, which President Vladimir Putin said several years ago is the target to give Russia a banking sector make up similar to that of Germany.
Annual growth in Turkey’s foreign trade gap slows sharply to 5% in May
Turkey’s foreign trade shortfall increased by only 5% y/y to $7.72bn in May after widening alarmingly across the first four months of 2018, preliminary data from the customs ministry showed on June 4.
Annual growth in exports fell to 5.57% in the month from 9% y/y in April while import growth declined to 5.49% from 15% y/y - the figures amount to an initial sign of a desired adjustment caused by the stark depreciation of the Turkish lira, down towards 20% against the dollar in the year to date. However, it should be noted that the manufacturing PMI index for Turkey pointed to contraction in April and May, while the primary deficit declined by 25% y/y to TRY9.4bn.
Romania sees EU's fastest hourly average labour cost rise in April
Romania’s 12.7% (nominal) rise of the hourly average labour cost in April was the highest in Europe, Eurostat said. However, the conver- gence to European Union averages remains slow.
The sharp growth of the labour cost was offset by the highest inflation in Europe as well (4.7% y/y). The cost labour remains very low: one quar- ter (25%) of the average EU28 labour cost, or some €7 per hour. Roma- nia's hourly labour cost rose by 12.7% y/y in the first quarter of the year, data from the country’s statistics office showed on June 4. Compared to the previous quarter, costs went up by 1.4%.
Developed European markets gain more benefits from globalisation than their emerging peers
Developed markets in Europe have seen more benefits from globalisa- tion within the last 26 years than emerging European, shows the 2018 Globalisation Report from German foundation Bertelsmann Stiftung.
The study of 42 global economies concludes that emerging countries have benefited from globalisation to a much lesser extent than is sug- gested by public discussions on their above-average export growth, or the relocation of production facilities to emerging economies such as India and China.
Estimated hourly labour costs, 2017 (€)
Average annual per capita income gain from 1990 onwards in €
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