Bulgaria with strong shadow economy

Sofia, Bulgaria (armin rudelstorfer, CC BY-NC-ND)

Hungary will buy gas from Romania

Estonia: the number of tourists up 7 per cent y/y

Bulgaria

Shadow economy is a very important issue for Bulgaria. According to the data from the International Monetary Fund (IMF), the size of the shadow sector in the period 1991-2015 was 29.71 per cent. Among European countries, the phenomena was more intense only in Romania (30.14 per cent).

“Data for 2017 puts Bulgaria at the top of 31 European economies and on top of other Balkan countries, with Turkey and its 27.2 per cent, Croatia – 26.5 per cent, and Romania – 26.3 per cent,” Novinite.com informs.

At the same time Europe’s countries with the smallest shadow sector are: Switzerland )6 per cent), Austria (7.1 per cent) and Luxembourg (8.2 per cent).

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Hungary

“This will be the first opportunity for Hungary to purchase gas from other source than Russia”, Péter Szijjártó, Hungary’s Foreign Affairs and Trade Minister commented the deal with his Romanian counterpart Teodor Meleșcanu. During their meeting on February 6th, the officials agreed that Romania will establish the technical conditions to export natural gas to Hungary by 2020 and will increase capacity.

Compressors that will be able to export 1.75 billion cubic meters (bcm) of gas will be built, as well as an interconnector operating in both directions.

As the Budapest Business Journal reports, the officials also agreed to build a high-speed rail (read more https://financialobserver.eu/ce/hungary/modernization-of-belgrade-budapest-railway-line-as-one-belt-one-road-initiative/) connection between Budapest (Hungary) and Cluj-Napoca (Romania).

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Estonia

The Baltic Course reports that the number of tourists staying in Estonian hotels was up 7 per cent y/y in 2017. In total 3.5 million domestic and foreign tourists stayed in the country’s accommodation establishments. Regarding the nationality, there were 9 per cent more of domestic tourists and 5 per cent more of foreigners.

The portal informs that in December 2017 almost 1,000 accommodation establishments offered their services with 20,000 rooms and 45,000 beds. The average cost per day was EUR37.

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What’s up in indexes

BET (of Bucharest) decreased from 8,181.68 index points Monday, February 5th to 7,991.93 index points Tuesday, February 6th. It’s down 2.32 per cent d/d and up 5.34 per cent y/y.

BUX (of Budapest) decreased from 39,769.45 index points Monday, February 5th to 38,806.19 index points Tuesday, February 6th. It’s down 2.42 per cent d/d and up 19.81 per cent y/y.

CROBEX (of Zagreb) decreased from 1,886.91 index points Monday, February 5th to 1,842.79 index points Tuesday, February 6th. It’s down 2.34 per cent d/d and down 13.75 per cent y/y.

OMXR (of Riga) decreased from 1,018.87 index points Monday, February 5th to 1,001.93 index points Tuesday, February 6th. It’s down 1.66 per cent d/d and up 34.31 per cent y/y.

OMXT (of Tallinn) decreased from 1,290.17 index points Monday, February 5th to 1,255.39 index points Tuesday, February 6th. It’s down 2.70 per cent d/d and up 13.27 per cent y/y.

OMXV (of Vilnius) decreased from 675.76 index points Monday, February 5th to 658.31 index points Tuesday, February 6th. It’s down 2.58 per cent d/d and up 16.06 per cent y/y.

PX (of Prague) decreased from 1,122.30 index points Monday, February 5th to 1,098.60 index points Tuesday, February 6th. It’s down 2.11 per cent d/d and up 16.62 per cent y/y.

SAX (of Bratislava) increased from 347.69 index points Monday, February 5th to 348.60 index points Tuesday, February 6th. It’s up 0.26 per cent d/d and up 13.14 per cent y/y.

SOFIX (of Sofia) decreased from 716.12 index points Monday, February 5th to 690.59 index points Tuesday, February 6th. It’s down 3.57 per cent d/d and up 13.87 per cent y/y.

UX (of Kyiv) decreased from 1,495.51 index points Monday, February 5th to 1,450.93 index points Tuesday, February 6th. It’s down 2.98 per cent d/d and up 67.18 per cent y/y.

WIG20 (of Warsaw) decreased from 1,495.41 index points Monday, February 5th to 1,450.93 index points Tuesday, February 6th. It’s down 2.98 per cent d/d and up 67.18 per cent y/y.

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