Orbán, Morawiecki: We are the economic engine of the EU

PM Morawiecki and PM Orban in Budapest. (Public Domain)

Russia’s daily crude oil production 30-year-high

Slovakia: Peter Kažimír the 2018 European Finance Minister of the Year

Poland and Hungary

Poland’s Prime Minister Mateusz Morawiecki paid his first bilateral visit. On January 3rd, Mr. Morawiecki met with his Hungarian counterpart Victor Orbán in Budapest. Both PMs confirmed they share the vision of the European Union (EU) that could not exist without Central Europe. They dealt with the issues of migration and “Brussel’s elites” and strongly underlined the importance of the Visegrád Group (V4), announcing strengthening cooperation of the group with its neighbors.

Mr. Morawiecki and Mr. Orbán also referred to the EU economic situation. They said that Hungary and Poland are the “economic engine of the EU”. They pointed out at the great economic performance of those countries in the last 13 years and said that their economic models are now “strengthening the European Union and stabilize its economy”.

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Russia

Tyler Durden from the Zero Hedge comments the data on daily production of crude oil in 2017. While the crude production of OPEC  members held steady in December 2017 (the 14 countries act in compliance with OPEC’s supply deal), Russian daily production jumped to 10.98 million barrels per day (bpd). It was a ninth year in a row when the numbers have been growing. Only in December 2017 Russia’s oil production was 10.95 million bpd (up from 10.94 million bpd in November 2017) – due to 0.2 per cent growth of Rosneft’s production. According to Russian Energy Ministry, it’s a 30-year-high result. ZeroHedge points out that in 1999 the average annual oil production in Russia was 6.1 million bpd.

Experts predict that in 2018 Russia’ oil production growth could stall, if the country commits to the production cut pact of the non-OPEC producers and OPEC. According to the deal, Russia will have to shave off – gradually – 300,000 bpd from the October 2016 level (11.247 million bpd).

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Slovakia

The British monthly “The Banker” awarded the 2018 European Finance Minister of the Year. This time it’s Peter Kažimír from Slovakia. The Slovak Spectator reports that the official, who took the position in 2012, enabled a “pronounced revival” of the Slovak growth, scrunching budget deficit down from the 4.3 per cent of GDP in 2012 to the planned 0.83 per cent of GDP in 2017. The economic growth accelerated to 3.3 per cent of GDP in 2016, was maintained in 2017 and will further accelerate in 2018 – to 3.7 per cent.

The Slovak Spectator informs that the decision to award the prize to Mr. Kažimír “was based on an evaluation by The Banker’s editorial staff, as well as a survey of influential European bankers and economists”.

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What’s up in indexes

BET (of Bucharest) decreased from 7,751.92 index points Friday, December 29th to 7,910.81 index points Wednesday, January 3rd. It’s up 2.03 per cent d/d and up 10.42 per cent y/y.

BUX (of Budapest) increased from 39,443.57 index points Tuesday, January 2nd to 39,604.40 index points Wednesday, January 3rd. It’s up 0.41 per cent d/d and up 23.11 per cent y/y.

CROBEX (of Zagreb) decreased from 1,842.87 index points Friday, December 29th to 1,840.82 index points Wednesday, January 3rd. It’s down 0.11 per cent d/d and down 6.73 per cent y/y.

OMXR (of Riga) increased from 1,001.45 index points Tuesday, January 2nd to 1,002.64 index points Wednesday, January 3rd. It’s up 0.12 per cent d/d and up 37.15 per cent y/y.

OMXT (of Tallinn) increased from 1,256.37 index points Tuesday, January 2nd to 1,256.59 index points Wednesday, January 3rd. It’s up 0.02 per cent d/d and up 16.16 per cent y/y.

OMXV (of Vilnius) increased from 658.91 index points Tuesday, January 2nd to 663.87 index points Wednesday, January 3rd. It’s up 0.75 per cent d/d and up 17.89 per cent y/y.

PX (of Prague) increased from 1,078.16 index points Friday, December 29th to 663.87 index points Wednesday, January 3rd. It’s up 0.75 per cent d/d and up 17.89 per cent y/y.

SAX (of Bratislava) decreased from 325.62 index points Friday, December 29th to 325.61 index points Wednesday, January 3rd. It’s 0 per cent change d/d and up 2.19 per cent y/y.

SOFIX (of Sofia) increased from 684.71 index points Tuesday, January 2nd to 685.09 index points Wednesday, January 3rd. It’s up 0.06 per cent d/d and up 16.69 per cent y/y.

UX (of Kyiv) decreased from 1,363.04 index points Thursday, December 28th to 1,352.22 index points Wednesday, January 3rd. It’s down 0.79 per cent d/d and up 69.62 per cent y/y.

WIG20 (of Warsaw) increased from 2,461.21 index points Friday, December 29th to 2,463.25 index points Wednesday, January 3rd. It’s up 0.08 per cent d/d and up 23.80 per cent y/y.

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