Latvian GDP grew 2.7 per cent in Q4’2015

Riga, Latvia (Jonathan, CC BY-NC-ND)

Increase of unemployment in Serbia

Growth of investment in Hungary

The fight with Russia over Ukrainian debt may end up in court

Latvia

The Central Statistical Bureau (CSB) of Latvia informed that in Q4’2015 compared with Q4’2014 Latvian economy grew by 2.7 per cent. “In 2015 Latvian GDP at current prices was EUR24.4bn euros and at constant prices – EUR21.4bn,” Baltic Course reports.

Q4 to Q3’2015 the GDP (at constant prices, according to seasonally adjusted data) slightly slowed – by 0.3 per cent.

The situation in manufacturing was up 4 per cent, of which manufacture of wood and wood products was up by 7 per cent, manufacture of electronic and optical products was up 40 per cent, and manufacture of furniture grew by 14 per cent y/y. Only manufacture of fabricated metal products dropped by 4 per cent. Also food production dropped by 5 per cent.

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Serbia

Serbia’s unemployment rate increased from 16.7 per cent in Q3’2015 to 17.9 per cent in Q4’2015. The data from the country’s statistics office revealed on February 29th show the unemployment rate for men was 17.4 per cent and that for women was 18.4 per cent (applies for the period October-December 2015).

The employment rate in Serbia has not changed in Q4’2015 and was 42.4 per cent, the same as in Q4’2014. In Q3 2015 it was 43.2 per cent.

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Hungary

According to the Hungary’s Central Statistical Office (KSH) volume of investments in Hungary was up 7 per cent in Q4’2015 as compared to Q4’2014. The investment performance in 2015 was up 0.6 per cent. “Growth in the Q4’2015 was mainly due to the outcome of investments of budgetary units and entities, and according to seasonally adjusted volume indices, it grew by 1.9 per cent. Investments in machinery and equipment increased by 17 per cent, while construction investments were down by 0.3 per cent during the period,” Budapest Business Journal reports.

KSH points out that the investments in the public sector were up 70 per cent. “Investments increased significantly in education (40 per cent), as well as arts, entertainment and recreation (36 per cent),” KSH adds. But there was a decrease by 4.2 per cent of investment wholesale and retail trade, and repair of motor vehicles and motorcycles.

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Ukraine

“Ukraine is holding consultations with legal advisers in preparation for the country’s position in litigation in the High Court of Justice of England and Wales over USD3bn Eurobond debt to Russia,” Artem Shevalev, the Ukrainian Deputy Finance Minister informed. Interfax agency quotes Shevalev saying he won’t be commenting on this till the legal consultations are not over. Shevalev confirmed Ukraine would be able to present its case to the court by the deadline set for March 4.

In the fall 2015, Ukraine worked out a deal with private creditors on debt restructuring. Russia voted the agreement. According to Russians, the USD3bn owed from a two-year Eurobond issued in December 2013 is bilateral, country-to country debt. So it’s not the same scheme. Russia demands the debt to be fully paid.

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What’s up in indexes?

BUX (of Budapest) lost 1.39 per cent – decreasing from 23657.79 index points Friday, February 26th to 23327.94 index points Monday, February29th. From year-end it dropped by 2.48 per cent.

BET (of Bucharest Stock Exchange) dropped by 1.67 per cent – decreasing from 6498.21 index points Friday, February 26th to 6389.40 index points Monday, February 29th. From year-end it dropped by 8.78 per cent.

PX (of Prague) decreased from 865.37 index points Friday, February 26th to 857.61 index points Monday, February 29th. So it dropped by 0.90 per cent d/d and by 10.32 per cent from year-end.

WIG20 (of Warsaw) decreased from 1844.57 index points Friday, February 26th to 1824.08 index points Monday, February 29th. So it dropped by 1.11 per cent d/d and by 1.89 per cent from year-end.

OMXT (of Tallinn) was up 0.08 per cent – increasing from 926.15 index points Friday, February 26th to 926.89 index points Monday, February 29th. From year-end it grew by 3.10 per cent.

OMXR (of Riga) was up 0.18 per cent d/d and up 4.03 per cent from year-end. It increased from 617.19 index points Friday, February 26th to 618.30 index points Monday, February 29th.

OMXV (of Vilnius) lost 0.11 per cent – decreasing from 488.64 index points Friday, February 26th to 488.12 index points Monday, February 29th. From year-end it’s up 0.44 per cent.

SAX (of Bratislava) dropped by 0.27 per cent – falling from 318.77 index points Friday, February 26th to 317.90 index points Monday, February 29th. From year-end it’s up 8.74 per cent.

SOFIX (of Sofia) was up 0.30 per cent – climbing from 446.10 index points Friday, February 26th to 447.42 index points Monday, February 29th. From year-end it lost 2.92 per cent.

UX (of Kyiv) increased from 629.99 index points Friday, February 26th to 630.93 index points Monday, February 29th. So it’s up 0.15 per cent d/d. From year-end the index lost 8.01 per cent.

CROBEX (of Zagreb Stock Exchange) was up 0.07 per cent – increasing from 1613.22 index points Friday, February 26th to 614.28 index points Monday, February 29th. From year-end the index lost 4.46 per cent.

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