A new structure of the Polish government and a draft of 2017 budget

Deputy PM and the new MinFin of Poland Mateusz Morawiecki (©PAP)

Construction costs in Latvia dropped by 0.4 per cent m/m

Bulgarian emigrants sent back home BGN1bn

CSE countries in the Global Competitiveness Index

Poland

The Prime Minister of Poland, Beata Szydło dismissed Paweł Szałamacha from the post of Finance Minister. The Minister of Development and a Deputy Prime Minister Mateusz Morawiecki took over the Ministry of Finance. Morawiecki will supervise two ministries – the Economic Development and Finance.

Polish government has also adopted a draft budget for 2017. It foresees „economic growth of 3.6 per cent and a shortfall of 2.9 per cent of GDP,” the Polish Radio informs.

At the press conference Szydło said that Minister Szałamacha had “done a great job” in preparing the 2017 budget which was accepted by the Council of Ministers.

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Latvia

The Baltic Course reports that the level of construction costs in Latvia in August 2016 dropped by 0.4 per cent m/m. „Prices of building materials decreased by 0.8 per cent, maintenance and operational costs of machinery and equipment reduced by 0.1 per cent, whereas labor remuneration of workers did not witness any significant changes,” the portal informs.

The data comes from the Central Statistical Bureau (CSB)

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Bulgaria

Novinite.com informs that Bulgarians living abroad have sent over BGN1bn (EUR500m) to their relatives in the country since the beginning of 2016. The largest amount was sent by Bulgarians in the USA (approx. BGN200m), Spain (approx. BGN174m) and Greece (approx. BGN68m). Those residing in the UK have sent back BGN65m, those in Italy – BGN59m and those in Germany – BGN56m.

„According to experts, the effect of money sent from abroad per household is equivalent to the funds provided by EU funds per region in the country,” Novinite.com reports.

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Central and Southeast Europe

The World Economic Forum published Wednesday, September 28th the Global Competitiveness Report 2016-2017. It  assesses the competitiveness landscape of 138 economies, providing insight into the drivers of their productivity and prosperity. The top three countries are: Switzerland, Singapore and the United States.

Among the CSE countries Estonia ranks the highest, as the 30th, Czech Republic ranks the 31st, Lithuania 35th, Poland 36th, Russia 43rd, and Bulgaria is the 50th.

Hungarian Portfolio.hu complains that Hungary (placed 69th) is six places lower than a year ago. „Hungary scored 4.2 points, the lowest ever. Compared to its CEE peers Hungary’s ranking worsened the most. The structure of Hungary’s competitiveness most closely resembles Bulgaria’s and Romania’s but Croatia’s structure is also very similar,” the Portfolio.hu writes.  

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What’s up in indexes

BUX (of Budapest) dropped by 0.02 per cent – falling from 27481.04 index points Tuesday, September 27th to 27476.40 index points Wednesday, September 28th. From year-end it’s up 14.86 per cent.

BET (of Bucharest Stock Exchange) increased from 6917.52 index points Tuesday, September 27th to 6946.93 index points Wednesday, September 28th. So it’s up 0.43 per cent d/d. From year-end it dropped by 0.79 per cent.

The bourse of Prague was closed Wednesday, September 28th. PX (of Prague Stock Exchange) dropped by 0.32 per cent d/d on Tuesday, closing at 866.34 index point.

WIG20 (of Warsaw) was up 0.10 per cent – increasing from 1732.81 index points Tuesday, September 27th to 1734.59 index points Wednesday, September 28th. From year-end it dropped by 6.70 per cent.

OMXT (of Tallinn) increased from 993.19 index points Tuesday, September 27th to 998.01 index points Wednesday, September 28th. So it’s up 0.49 per cent d/d and up 11.01 per cent from year-end.

OMXR (of Riga) increased from 722.87 index points Tuesday, September 27th to 724.30 index points Wednesday, September 28th. So it’s up 0.20 per cent d/d and up 21.86 per cent from year-end.

OMXV (of Vilnius) increased from 541.77 index points Tuesday, September 27th to 543.34 index points Wednesday, September 28th. So it’s up 0.29 per cent d/d and up 11.80 per cent from year-end.

SAX (od Bratislava) dropped by 2.32 per cent d/d – falling from 320.07 index points Tuesday, September 27th to 312.63 index points Wednesday, September 28th. So it’s up 6.94 per cent from year-end.

SOFIX (of Sofia) increased from 493.26 index points Tuesday, September 27th to 509.92 index points Wednesday, September 28th. So it’s up 3.38 per cent d/d and by 10.64 per cent from year-end.

UX (of Kyiv) increased from 817.37 index points Tuesday, September 27th to 833.12 index points Wednesday, September 28th. So it’s up 1.93 per cent d/d and up 21.47 per cent from year-end.

CROBEX (of Zagreb) dropped by 0.16 per cent – falling from 1943.21 index points Tuesday, September 27th to 1940.03 index points Wednesday, September 28th. From year-end it’s up 14.82 per cent.

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