Southeast Europe / Data
Moldova’s economy minister attributes Q1 GDP contraction to export decline
Doina Nistor says growth in services exports failed to offset decline in exports of goods.
Spare my blushes – Spanish asset manager discusses Turkey’s 0% weight in portfolios
To the MSCI EM Index, country remains a rounding error. Will the Israel-Iran clash blow it and the world further off course?
Romanian wage growth slows sharply in April, signalling end of high-growth period
Romania’s average net wage posted its weakest real-terms growth in over a year in April, rising by just 3.5% y/y.
Turkey’s central bank stays put on rates in fog of geopolitical tensions
Lira has felt renewed pressure since Israel's attack on Iran was launched six days ago. Regulator has burnt through reserves to maintain stability.
Serbia’s central bank boosts gold reserves to more than 50 tonnes
Serbia has been among the most active gold buyers in Europe in recent years.
Romania’s public debt hits 56.1% of GDP at end-March
Romania’s public debt rose by €7bn during Q1 2025, mainly due to the FX bonds issued in January and February.
Gas flowing from Iran to Turkey without interruption, says minister
Fifth of Turkey's oil imports pass Strait of Hormuz. Ankara confident it could replace these shipments if passage was disrupted amid conflict.
Who hold the most gold reserves?
In 2025, gold prices reached unprecedented levels, with spot gold trading at above $3,932 per troy ounce as of May 7th, an increase of over 83% within just a year.
Real appreciation of Romanian leu inflates nominal GDP and fuels external deficits
182% increase in nominal GDP since 2009 significantly overstates the country’s real economic progress, according to bne IntelliNews calculations.
Romania’s trade deficit hits 10% of GDP
Deficit at €35.7bn in the 12 months to April after a 21.3% year-on-year increase.
Serbia’s central bank sees inflation easing to 3% by year-end
Headline inflation is currently at 3.8%, while core inflation has declined from 5% to 4.6%.
Romania’s GDP continues five-quarter quasi-stagnation in 1Q25
Robust growth in construction and slight advances in IT&C and real estate were offset by shrinking industrial activity.
Turkey's official inflation falls to 35% y/y in May
Independent economists calculate 74%.
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PMI shows Turkey’s manufacturing declined for 14th month in a row in May
“Softening demand environment central to latest moderation of business conditions”, says index compiler S&P Global.
Turkey's official annual GDP growth cools to 2% in 1Q
Despite seeming to overcome the Imamoglu and Trump tariff market stress, it appears officials do not feel empowered enough to move on aggressively.
Croatia’s economy expands for 17th consecutive quarter in 1Q25
Growth was broad-based, though activity declined in agriculture and the information and communication sectors.
Protests have minimal impact on Serbian tourism in Q1
Central bank data shows months of protests and road blockades have not deterred foreign holidaymakers despite government assertions that political unrest is undermining tourism.
Turkey sticks to end-2025 inflation target of 24%
Space for mid-June policy rate cut to 100-350 bp opens up.
Romania holds monetary policy rate at 6.5% amid elevated inflation and political uncertainty
Markets currently expect no rate cuts before autumn, although that timing remains subject to shifts in both domestic policy and external economic conditions.
Borsa Istanbul leads world markets in dollar-basis losses
Turkey’s exchange-traded fund down 9.5% in year-to-date. Thai performance second worst at 6.5%.