NBU: Ukraine’s GDP growth forecasted at 1 per cent

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

Bulgaria removes Gibraltar from its “tax haven list”

Hard times for Czech’s pork and milk producers

Unemployment in Poland drops on y/y basis in February

Ukraine

“The National Bank of Ukraine (NBU) leaves Ukraine’s GDP growth forecast at around 1 per cent for 2016,” Interfax reports. “The NBU anticipates that economic growth will continue restoring in 2016, but at rather moderate pace.” Interfax reminds that according to the revised data from the State Statistics Service, real GDP increased by 1.4 per cent in Q4 2015 q/q (excluding the seasonal factor), and in annual terms the GDP fall slowed to 1.4 per cent (the NBU reported 1.2 per cent).

The improvement of the economic growth is mainly due to establishing economic links between the regions amid macro-financial stabilization and de-escalation of the military conflict in eastern Ukraine, as well as a low comparison base.

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Bulgaria

Gibraltar, “listed” for tax purposes by Croatia, Greece, Lithuania, Portugal and Spain, has just been removed from Bulgaria’s “tax haven list”. The media of Gibraltar report this is a result of “intensive lobbying” by Gibraltar’s Finance Minister Albert Isola and the Gibraltar Finance Bulgaria team.“It recently carried out successful negotiations with Canada, Estonia, Italy, Latvia and Poland, and subsequently contacted the Bulgarian Finance Ministry after meeting with Bulgaria’s Ambassador to the UK, Konstantin Dimitrov, ” Novinite.com reports.

On the website of the European Commission one can see an “overview” of how member states estimate third countries’ application of standards of tax good governance. Bulgaria currently lists other tiny European states, such as: Andorra, the British Virgin Islands, the Isla of Man, and Monaco.

The full list of tax heavens

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Czech Republic

“Czech pork and milk producers are finding it increasingly hard to compete with cheap imports from other EU states. Individual producers are seeking ways to sell their products directly to end-consumers and the Czech Agriculture Ministry is considering giving them additional support from the state budget,” Radio Praha reports.

The farmers point out that pork output has been on a steady decline and dropped by 3.5 per cent in 2015 y/y. Czech breeders are already receiving extraordinary support of CZK600m (approx. EUR22m) annually, half of the sum is covered by the state budget and half by the EU funds. Now the Czech Agriculture Ministry is considering another financial injection of up to EUR15,000 for pork and milk producers (from the state budget). “A decision is expected in the coming weeks and any additional support would have to be approved by the European Commission,” Radio Praha reports.

The Agriculture Minister Marián Jurečka claims the situation has never been so serious. Radio Praha quotes him: ”For many pork producers it is no longer a question of what price they will sell their pork at, but if they can manage to sell it at all”.

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Poland

Unemployment in Poland stayed at 10.3 per cent in February, the same level as in January 2016. Compared with the same period of 2015 it dropped by 1.6 per cent. The Polish Central Statistical Office (GUS) informed on March 23rd, there were 1.653 million people registered as unemployed in Poland in February 2016. Also there were 133,800 jobs on offer at labor offices.

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What’s up in indexes?

BUX (of Budapest) lost 0.70 per cent – decreasing from 25878.61 index points Tuesday, March 22nd to 25697.58 index points Wednesday, March 23rd. From year-end it’s up 7.43 per cent.

BET (of Bucharest Stock Exchange) decreased from 6782.24 index points Tuesday, March 22nd to 6773.03 index points Wednesday, March 23rd. So it lost 0.14 per cent d/d and 3.30 per cent from year-end.

PX (of Prague) lost 1.18 per cent – falling from 901.14 index points Tuesday, March 22nd to 890.47 index points Wednesday, March 23rd. From year-end it dropped by 6.89 per cent.

WIG20 (of Warsaw) dropped by 1.39 per cent – falling from 1962.98 index points Tuesday, March 22nd to 1931.06 index points Wednesday, March 23rd. From year-end it’s up 4.11 per cent.

OMXT (of Tallinn) increased from 966.60 index points Tuesday, March 22nd to 968.65 index points Wednesday, March 23rd. So it’s up 0.21 per cent d/d. From year-end it’s up 7.75 per cent.

OMXR (of Riga) lost 0.81 per cent – decreasing from 617.26 index points Tuesday, March 22nd to 612.23 index points Wednesday, March 23rd. From year-end it’s up 3.01 per cent.

OMXV (of Vilnius) increased from 504.30 index points Tuesday, March 22nd to 505.55 index points Wednesday, March 23rd. So it’s up 0.37 per cent d/d. From year-end it grew by 4.02 per cent.

SAX (of Bratislava) increased from 323.78 index points Tuesday, March 22nd to 327.22 index points Wednesday, March 23rd. So it’s up 1.06 per cent and up 11.93 per cent from year-end.

SOFIX (of Sofia) lost 0.24 per cent d/d and lost 3.27 per cent from year-end. It decreased from 446.88 index points Tuesday, March 22nd to 445.82 index points Wednesday, March 23rd.

UX (of Kyiv) dropped by 3.97 per cent – falling from 602.26 index points Tuesday, March 22nd to 578.37 index points Wednesday, March 23rd. From year-end it lost 15.67 per cent.

CROBEX (of Zagreb Stock Exchange) increased from 1630.46 index points Tuesday, March 22nd to 1658.00 index points Wednesday, March 23rd. From year-end the index lost 1.87 per cent.

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