16+1 Summit-CSE countries and China-in Budapest

16+1 Summit, Budapest, Hungary (Kancelaria Premiera, Public Domain)

Estonia: construction up 20 per cent y/y

Moldova with EUR100m from the EU

CSE and China

The meeting of Central and Southeast European (CSE) countries and China took place on Monday (27 November) in Budapest, hosted by Hungarian Prime Minister Victor Orbán. His Bulgarian counterpart, Boyko Borissov, announced that next year’s summit will take place in Sofia.

The 16+1 format was conceived after the first China–Central and Southeast European (CSE) countries Economic and Trade Forum, which was held in Budapest in 2011. The countries included are China, 11 EU members: Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia, and five EU hopefuls: Albania, Bosnia and Herzegovina, Macedonia, Montenegro and Serbia.

During the meeting in Budapest Chinese Premier Li Keqiang appealed for integrating the Chinese One Belt One Road initiative with the EU strategies with Central and Eastern Europe and the Western Balkans. He also conveyed the message that more efforts were needed to accelerate the building of the Hungary-Serbia high-speed railways. Li announced the establishment of China-CEEC Inter-Bank Association and more financing under the China-CSE Europe Investment Cooperation Fund.

Hungarian PM Victor Orbán praised China and said that countries from the region would take this opportunity for development, in line with the spirit of equal treatment and mutual respect.

Poland’s PM Beata Szydło stressed that countries of the region still have problems in accessing the Chinese market due to imposed restrictions and asked for a change in these regulations.

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Estonia

The Baltic Course reports that in Q3’17 total production of Estonian construction enterprises (in and outside the country) grew by 20 per cent y/y. According to the data from the Statistics Estonia, in the period July-September 2017 the production value amounted EUR747m. EUR474m was the production value of building construction and EUR272m was the production value of civil engineering.

The article reads that “building construction contributed the most to the growth of the domestic construction market. Compared to the same period of the previous year, construction volume increased in new building construction as well as in repair and reconstruction work”.

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Moldova

The portal IMN.md reports on an agreement signed between the Republic of Moldova and the European Union. According to documents, the country will be provided with EUR100m in macro-financial assistance. As reported, EUR40 will be allocated in the form of grants, and EUR60m as a loan.

The EU Association Agreement with Moldova was initiated on 2013 and fully came into force on 2016.

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What’s up in indexes

BET (of Bucharest) decreased from 7,782.80 index points Friday, November 24th to 7,740.30 index points Monday, November 27th. It’s down 0.55 per cent d/d and up 14.00 per cent y/y.

BUX (of Budapest) decreased from 39,709.00 index points Friday, November 24th to 39,424.29 index points Monday, November 27th. It’s down 0.72 per cent d/d and up 31.40 per cent y/y.

CROBEX (of Zagreb) increased from 1,859.92 index points Friday, November 24th to 1,862.36 index points Monday, November 27th. It’s up 0.13 per cent d/d and 3.92 per cent y/y.

OMXR (of Riga) decreased from 1,046.64 index points Friday, November 24th to 1,041.81 index points Monday, November 27th. It’s down 0.46 per cent d/d and up 39.12 per cent y/y.

OMXT (of Tallinn) increased from 1,237.13 index points Friday, November 24th to 1,237.59 index points Monday, November 27th. It’s up 0.04 per cent d/d and up 19.65 per cent y/y.

OMXV (of Vilnius) increased from 657.71 index points Friday, November 24th to 659.25 index points Monday, November 27th. It’s up 0.23 per cent d/d and up 18.20 per cent y/y.

PX (of Prague) decreased from 1,054.67 index points Friday, November 24th to 1,049.81 index points Monday, November 27th. It’s down 0.46 per cent d/d and up 18.61 per cent y/y.

SAX (of Bratislava) decreased from 323.69 index points Friday, November 24th to 322.34 index points Monday, November 27th. It’s down 0.42 per cent d/d and up 3.38 per cent y/y.

SOFIX (of Sofia) decreased from 667.37 index points Friday, November 24th to 666.01 index points Monday, November 27th. It’s down 0.20 per cent d/d and up 19.71 per cent y/y.

UX (of Kyiv) decreased from 1,279.28 index points Friday, November 24th to 1,278.65 index points Monday, November 27th. It’s down 0.05 per cent d/d and up 60.41 per cent y/y.

WIG20 (of Warsaw) increased from 2,479.25 index points Friday, November 24th to 2,497.15 index points Monday, November 27th. It’s up 0.72 per cent d/d and up 39.02 per cent y/y.

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