Poland: 2019 draft budget adopted

Prime minister Mateusz Morawiecki (KPRM)
Poland's Prime Minister Mateusz Morawiecki (KPRM, Public domain)

S&P: Hungary’s sovereign rating “BBB-/A-3” affirmed

Ukraine: Anthracite supplies from the US will help reducing dependency on Russia

Poland

The Poland’s government adopted a preliminary draft budget for 2019 – the Polish Radio informs. The draft bill forecasts that the economy will grow 3.8 per cent and the inflation rate will be 2.3 percent. Revenues are expected to be PLN386.9bn (EUR90bn) and expenses should be PLN415.4bn (EUR96.6bn), so the country’s budget deficit will stand at PLN28.5bn (EUR6.6bn). The target set for the general government deficit is 1.8 per cent of GDP.

The Polish Radio reports, after the Polish Press Agency, that “the budget is geared toward boosting the country’s economic development and ensures full financing for the government’s key social projects, including its flagship 500+ child benefit program and subsidized school supplies for children nationwide”.

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Hungary

Standard & Poorʼs Global Ratings affirmed Hungaryʼs “BBB-/A-3” long and short-term foreign and local currency sovereign credit ratings. The agency informed that the outlook for the country remained “positive”. The key factors were strong external profile, resilient export-driven economy, low private sector debt levels, and the flexible exchange rate regime. At the same time, relatively weak checks and balances between government branches, moderate wealth levels, and high public debt were key constraints on the ratings.

When it comes to the “positive” outlook, the agency explained it reflected “Hungaryʼs strong growth and external performance, and the improved health of the financial sector”. The S&P added that in the following 12 months upgrading the outlook was possible – if the economy continued to grow.

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Ukraine

In 2018, Ukraine plans to increase imports of power-generating coal (anthracite) by 11.3 per cent y/y to 5.669 million tons – the Interfax informs. As reported, 4.882 million tons will come from Russia (up 29.6 per cent y/y), 664,000 tons will come from the United States (up 47.7 per cent), and 123,000 tons (down 83.8 per cent) will come from South Africa. The agency quotes Valeriy Chaly, Ukrainian Ambassador to the United States, who announced that the supplies from the US will help reducing dependence on imports from Russia. “Deliveries of anthracite coal and other components […] mean diversification, a decrease in dependence on Russia. This is a commercial project, this is profit, so I think it will continue to develop as normal”, Mr. Chaly said.

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What’s up in indexes

BET (of Bucharest) decreased from 8,234.80 index points Monday, August 20th to 8,221.00 index points Tuesday, August 21st. It’s down 0.17 per cent d/d and down 1.17 per cent y/y.

BUX (of Budapest) increased from 36,436.96 index points Friday, August 17th to 37,007.66 index points Tuesday, August 21st. It’s up 1.57 per cent d/d and 0.24 per cent y/y.

CROBEX (of Zagreb) increased from 1,822.60 index points Monday, August 20th to 1,831.05 index points Tuesday, August 21th. It’s up 0.46 per cent d/d and down 1.42 per cent y/y.

OMXR (of Riga) decreased from 997.55 index points Monday, August 20th to 997.22 index points Tuesday, August 21st. It’s down 0.03 per cent d/d and down 1.56 per cent y/y.

OMXT (of Tallinn) decreased from 1,237.45 index points Friday, August 17th to 1,228.46 index points Tuesday, August 21st. It’s down 0.73 per cent d/d and down 2.28 per cent y/y.

OMXV (of Vilnius) decreased from 710.06 index points Monday, August 20th to 708.75 index points Tuesday, August 21st. It’s down 0.18 per cent d/d and up 8.87 per cent y/y.

PX (of Prague) increased from 1,061.96 index points Monday, August 20th to 1,068.86 index points Tuesday, August 21st. It’s up 0.65 per cent d/d and up 3.57 per cent y/y.

SAX (of Bratislava) increased from 349.01 index points Monday, August 20th to 349.48 index points Tuesday, August 21st. It’s up 0.13 per cent d/d and up 5.89 per cent y/y.

SOFIX (of Sofia) decreased from 634.14 index points Monday, August 20th to 634.05 index points Tuesday, August 21st. It’s down 0.01 per cent d/d and down 12.02 per cent y/y.

UX (of Kyiv) increased from 1,621.08 index points Monday, August 20th to 1,623.57 index points Tuesday, August 21st. It’s up 0.15 per cent d/d and up 44.28 per cent y/y.

WIG20 (of Warsaw) increased from 2,236.08 index points Monday, August 20th to 2,281.02 index points Tuesday, August 21st. It’s up 2.01 per cent d/d and down 4.05 per cent y/y.

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