National Bank of Ukraine: GDP growth in Q2’17 lower than expected

NBU headquarters, Kiev, Ukraine (National Bank Of Ukraine, CC BY-NC-ND )

Nord Stream2: Weight coating of the pipes has started

Bulgarians and Romanians immigrate to UK

Ukraine

Ukrainian economy growth in Q2’2017 was 1.5 per cent, the National Bank of Ukraine (NBU) informed. It means the estimate for the economy has worsened. The NBU had earlier expected the growth in Q2’17 to be 2.4 per cent y/y.

The officials claim this is mostly due to the situation in Donbas. Interfax quotes NBU’s comment: “The seizure of enterprises in the temporarily uncontrolled territories of Donbas caused a reduction in potential GDP. In addition, economic activity was affected by disruption ties due to a halt in trade with these areas.”

The NBU’s updated forecast shows that the growth in Q3’17 will be 1.5 per cent (instead of 1.8 per cent). In Q4 the economy will grow 1.1 per cent (up from 0.7 per cent from the previous forecast).

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Baltic States

The constructing of Nord Stream 2 starts. The company Wasco Coatings Germany has just started applying concrete weight coating onto the pipes. As the Baltic Course reports, the pipes are being prepared in the Mukran, on the island of Rügen (Baltic Sea), a logistic hub for pipeline construction. Almost 90,000 pipes will be coated by the end of 2018, but in total 200,000 pipes have to be coated.

Weight coating is a layer that can be applied over insulation and anti-corrosion layers, providing a wide range of densities and thicknesses. It is used in sub-sea pipelines, large diameter pipelines, swamp or muskeg applications, and small diameter pipelines.

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Bulgaria and Romania

The number of immigrants from both countries has risen by 171,000 from 129,000 in January 2014 to nearly 300,000 in March 2017. It means that on average 120 Romanians and 20 Bulgarians are entering UK every single day, reports Novinite.com.

The EU allowed nationals of Bulgaria and Romania to work in Britain visa-free in 2014 – seven years after joining the bloc.

Conservative MP for Monmouth David Davies said: “This is very worrying because we don’t know how many of these people are actually finding work and how many are claiming things like housing benefit.”

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What’s up in indexes

BET (of Bucharest) decreased from 8,160.99 index points Thursday, July 13th to 8,132.73 index points Friday, July 14th. It’s down 0.35 per cent d/d and up 23.56 per cent y/y.

BUX (of Budapest) decreased from 36,143.37 index points Thursday, July 13th to 35,915.42 index points Friday, July 14th. It’s down 0.63 per cent d/d and up 32.22 per cent y/y.

CROBEX (of Zagreb) increased from 1854,76 index points Thursday, July 13th to 1,858.63 index points Friday, July 14th. It’s up 0.21 per cent and up 11.24 per cent y/y.

OMXR (of Riga) decreased from 979.71 index points Thursday, July 13th to 979.58 index points Friday, July 14th. It’s down 0.01 per cent d/d and up 56.37 per cent y/y.

OMXT (of Tallinn) increased from 1,190.69 index points Thursday, July 13th to 1,196.96 index points Friday, July 14th. It’s up 0.53 per cent d/d and up 20.09 per cent y/y.

OMXV (of Vilnius) increased from 611.04 index points Thursday, July 13th to 611.61 index points Friday, July 14th. It’s up 0.09 per cent d/d and up 16.03 per cent y/y.

PX (of Prague) decreased from 1,002.92 index points Thursday, July 13th to 1,000.54 index points Friday, July 14th. It’s down 0.04 per cent d/d and up 18.42 per cent y/y.

SAX (of Bratislava) closed at 334.51 index points Friday, July 14th. It’s the same result as Thursday’s. It’s 0 per cent change d/d and up 8.33 per cent y/y.   

SOFIX (of Sofia) increased from 709.48 index points Thursday, July 13th to 713.10 index points Friday, July 14th. It’s up 0.51 per cent d/d and up 57.95 per cent y/y.

UX (of Kyiv) decreased from 1,044.77 index points Thursday, July 13th to 1,040.36 index points Friday, July 14th. It’s down 0.42 per cent d/d and up 46.16 per cent y/y.

WIG20 (of Warsaw) decreased from 2,350.83 index points Thursday, July 13th to 2,350.43 index points Friday, July 14th. It’s down 0.02 per cent d/d and up 34.67 per cent y/y.

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