Czechs borrow more than ever for Christmas

Christmas market in Prague, Czech Republic (Kevin Oliver, CC BY-NC-ND)

Ukraine's GDP slows down to 2.8% in Q3’18

Nearly 3 million Poles behind on debt repayment

Czech Republic

Radio Praha reports that Czechs are borrowing more than ever to buy Christmas presents. “This year’s increase is really enormous. The number of loan requests has grown by nearly a third compared to the rest of the year,” Pavel Klema, head of Profi Credit, told the Czech News Agency.

Along with the growing interest in loans, the amount borrowed is increasing as well. Last year, Czechs borrowed on average CZK10,825 to help them finance Christmas. This year, the average loan is CZK12, 520.

The Czech online shops are expecting record sales this season. According to the estimate of the country’s Association of E-Commerce (APEK), the sales figures should reach around CZK44bn, an increase of CZK6bn y/y.

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Ukraine

The growth of Ukraine’s GDP in the Q3’18 was 2.8 per cent y/y. In the Q2 it was 3.8 per cent, and in the Q1 3.1 per cent, according to the State Statistics Service. Interfax quotes the State Statistics Service’s website:”The Ukrainian economy has been growing 11 quarters in a row … The situation is in line with the forecasts of the government and international partners.” the State Statistics Service noted in a release on the government’s website.

The National Bank of Ukraine (NBU) at the beginning of November estimated GDP growth in the Q3 at 3.1 per cent, retaining the growth forecast for the year at 3.4 per cent. According to its expectations, next year it will slow down to 2.5 per cent, and in 2020 it will accelerate to 2.9 per cent.

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Poland

The Polish Radio reports on the story by Rzeczpospolita daily that almost 3 million Polish consumers fall behind in paying off their loans. The NPLs were collectively PLN73.4bn (EUR17bn) by the end of the Q3’18, up by PLN2.4bn (EUR560m) q/q, and by over PLN10bn (EUR2.3bn) y/y. Around 400 Poles have racked up a debt of over PLN1m (EUR233,137).

The total sum of Poles’ non-loan debt, which includes unpaid bills and alimonies, has been growing the fastest, reaching nearly PLN40bn (EUR9.3bn).

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What’s up in indexes

BET (of Bucharest) decreased from 8,670.05 index points Tuesday, November 13th to 8,550.55 index points Wednesday, November 14th. It’s down 1.38 per cent d/d and up 9.56 per cent y/y.

BUX (of Budapest) increased from 38,252.65 index points Tuesday, November 13th to 39,115.56 index points Wednesday, November 14th. It’s up 2.26 per cent d/d and down 0.06 per cent y/y.

CROBEX (of Zagreb) decreased from 1,760.60 index points Tuesday, November 13th to 1,748.59 index points Wednesday, November 14th. It’s down 0.68 per cent d/d and down 3.06 per cent y/y.

OMXR (of Riga) decreased from 949.07 index points Tuesday, November 13th to 963.70 index points Wednesday, November 14th. It’s up 1.54 per cent d/d and down 6.95 per cent y/y.

OMXT (of Tallinn) decreased from 1,189.60 index points Tuesday, November 13th to 1,183.29 index points Wednesday, November 14th. It’s down 0.53 per cent d/d and down 3.69 per cent y/y.

OMXV (of Vilnius) decreased from 640.33 index points Tuesday, November 13th to 638.60 index points Wednesday, November 14th. It’s down 0.27 per cent d/d and down 3.57 per cent y/y.

PX (of Prague) increased from 1,078.81 index points Tuesday, November 13th to 1,084.44 index points Wednesday, November 14th. It’s up 0.52 per cent d/d up 2.07 per cent y/y.

SAX (of Bratislava) increased from 332.04 index points Tuesday, November 13th to 332.99 index points Wednesday, November 14th. It’s up 0.29 per cent d/d and up 5.47 per cent y/y.

SOFIX (of Sofia) increased from 593.86 index points Tuesday, November 13th to 594.78 index points Wednesday, November 14th. It’s up 0.15 per cent d/d and down 11.31 per cent y/y.

UX (of Kyiv) closed at 1796.53 index points Wednesday, November 14th. It’s 0 per cent change d/d and up 42.08 per cent y/y.

WIG20 (of Warsaw) increased from 2,217.97 index points Tuesday, November 13th to 2,231.90 index points Wednesday, November 14th. It’s up 0.63 per cent d/d and down 9.43 per cent y/y.

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