Page 76 - bne_September 2022_20220802

76 I New Europe in Numbers bne September 2022
Russia GDP growth & forecasts
Russia’s EconMin seen as overly optimistic with another GDP upgrade
Source: bne IntelliNews
Russia’s Ministry of Economic Development is preparing a revised macroeconomic forecast for 2022, revising the GDP decline to 4.2% from the previously forecast 7.8% contraction, RBC business portal and Kommersant daily reported citing an unpublished draft of the document.
The 2022 outlook of the ministry is in line with the most optimistic baseline scenario of the recently released strategy and outlook for the near term by the Central Bank of Russia (CBR).
Romanian stock exchange reaches new record as BET-TR rises 5.7% ytd
The BET-TR index, which reflects the evolution of the 20 most liquid securities from the Bucharest Stock Exchange (BVB) plus the dividends disbursed by companies, reached a new historical high of 24,433
points on August 11, exceeding the previous record of 24,212 points established in mid-January, Bursa daily reported.
Since the beginning of the year, BET-TR has grown by 5.71% ytd, recovering entirely from the fall that occurred in the context of the deterioration of economic prospects, the increase in interest rates by the central banks and the war started by Russia in Ukraine.
Dollarisation in Turkey smashing records
The share of FX-linked deposits placed with Turkish banks stood at 54.5% of deposits as of July 29 while deposits under the state's FX- protected scheme (KKM) accounted for 16.5%, Bloomberg HT has reported.
Overall dollarisation stood at a fresh record high of 71%. In 2021, indicators on the ongoing economic, political, social and, let’s say, overall turmoil in Turkey exceeded the historic financial tumult seen during the country's economic crisis of 2001, regarded as an extremely dark hour.
CPI inflation in Moldova hits 33.6% y/y in July
Consumer prices in Moldova increased by 1.4% in July, the slowest rate in the past year, but the annual inflation rate edged up to 33.6% y/y from 31.8% y/y in June, the statistics bureau announced.
Food prices increased by 36.4% y/y as of July, non-food goods by 24.1% y/y and services (including gas and electricity) by 43.5% y/y, while the price of natural gas quadrupled, that of electricity increased by 59% and heating was up by 80-90% y/y. Further hikes of the end-user electricity price are likely as Moldovagaz claims that it cannot pay its bills to Gazprom without more price hikes.
Moldova: Consumer Price Inflation (y/y)
Source: bne IntelliNews
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