Latvia: social protection expenditure in 2015 up 5.9 per cent y/y

Riga, Latvia (Toms Baugis, CC BY)

Serbia acquires 95 per cent stake in FAP – truck maker

Poland: Christmas spending up 5 per cent y/y

IMF confirms: Bosnia’s on track with its economics programme

Latvia

Social protection expenditure in 2015 was up to EUR3619.7m. Compared to 2014, it grew by 5.9 per cent (or by EUR201m). According to the Central Statistical Bureau (CSB) expenditure on support for families and children increased by 24.1 per cent, expenditure on support for disabled persons by 7.8 per cent, social expenditure on sickness and heath care by 7.5 per cent, and expenditure on social exclusion dropped by 13.3 per cent.

The Baltic Course reports the expenditure growth “was mostly affected by the deregulation of maternity, paternity and parental benefit size limits as well as amendments in the terms for granting childcare benefit that came into force on 1 October 2014”.

Social protection expenditure constituted 14.9 per cent of the GDP, 0.4 percentage points more than in 2014 (14.5 per cent of GDP).

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Serbia

Serbia will acquire 95 per cent stake in an insolvent truck maker Fabrika Automobila Priboj (FAP) to avoid its liquidation, SEE News Corporate Wire reports. FAP, established in 1953, produces trucks, buses and trailers in addition to chassis and spare parts. In 2002 the Serbian government started preparations for its privatisation.

According to the agency Uzice commercial court gave the green light to the company’s restructuring plan which involves the transformation of debt worth RSD8.693bn (EUR70.4m) into capital and allows the resumption of production activities. Under the terms of the plan, FAP should reach a net profit of RSD186.3m (EUR1.5m) and become competitive in 5 years through an investment of RSD145m annually.

FAP’s headcount is 125. It has orders worth RSD2.3m (EUR18,672). The Serbian Defence Ministry plans to give the company a contract for 22 trucks.

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Poland

Poles will spend 5 per cent more on Christmas in 2016 than in 2015. The Polish Radio reports after Deloitte that Polish families should expect to spend an average of PLN1,121 (EUR253) on gifts, food and Christmas meetings.

The study also shows that Poles will earmark around 44 per cent of their Christmas budget (PLN489, EUR110) on gifts and 46 per cent on food (PLN512, EUR115).

According to the Deloitte’s reports, the most popular gifts are cosmetics and perfumes.

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Bosnia and Herzegovina

SEE News Corporate Wire reports Bosnia and Herzegovina’s economic growth will accelerate to above 3 per cent in 2017. That means the country remains on track with its economic programme. The growth in 2016 will be 2.6 per cent.

According to the International Monetary Fund (IMF) Bosnia’s “consumer price index is expected to drop by almost 1 per cent in 2016, but inflation is expected to turn positive in 2017 reflecting the euro area inflation forecast imported though the currency board arrangement”. Financial stability of the country has been maintained, while international reserves held by the Central Bank of Bosnia provide strong backing to the currency board arrangement.

Thanks to the positive review BiH will get the disbursement of EUR80m. 

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What’s up in indexes

BUX (of Budapest) was up 0.01 per cent d/d and by 26.08 per cent from year-end. It increased from 30156.29 index points Wednesday, November 23rd to 30158.58 index points Thursday, November 24th.

BET (of Bucharest Stock Exchange) dropped by 0.08 per cent d/d and by 2.42 per cent from year-end. It decreased from 6838.27 index points Wednesday, November 23rd to 6832.77 index points Thursday, November 24th.

PX (of Prague) dropped by 0.27 per cent d/d and by 7.32 per cent from year-end. It decreased from 888.72 index points Wednesday, November 23rd to 886.31 index points Thursday, November 24th.

WIG20 (of Warsaw) was up 0.59 per cent – increasing from 1796.63 index points Wednesday, November 23rd to 1807.27 index points Thursday, November 24th. From year-end it dropped by 2.79 per cent.

OMXT (of Tallinn) dropped by 0.30 per cent – falling from 1033.09 index points Wednesday, November 23rd to 1030.00 index points Thursday, November 24th. From year it’s up 14.57 per cent.

OMXR (of Riga) increased from 736.59 index points Wednesday, November 23rd to742.78 index points Thursday, November 24th. So it’s up 0.84 per cent d/d and up 24.97 per cent from year-end.

OMXV (of Vilnius) dropped by 0.07 per cent – decreasing from 554.59 index points Wednesday, November 23rd to 555.00 index points Thursday, November 24th. From year-end it’s up 14.20 per cent.

SAX (of Bratislava) decreased from 306.12 index points Wednesday, November 23rd to 302.07 index points Thursday, November 24th. So it dropped by 1.32 per cent d/d. From year-end it’s up 3.32 per cent.

SOFIX (of Sofia) was up 1.02 per cent d/d and up 19.84 per cent from year-end. It increased from 546.75 index points Wednesday, November 23rd to 552.33 index points Thursday, November 24th.

UX (of Kyiv) dropped by 0.38 per cent – falling from 806.91 index points Wednesday, November 23rd to 803.83 index points Thursday, November 24th. From year-end it’s up 17.20.

CROBEX (of Zagreb) dropped by 0.35 per cent d/d – falling from 1991.06 index points Wednesday, November 23rd to 1984.18 index points Thursday, November 24th. From year-end it’s up 17.43 per cent.

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