Economic history

The residential price index increased by 2.7 percent in July from the previous month, data from the Central Bank have shown.

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On an annual basis, house prices across Turkey rose by 29.2 percent in the month in nominal terms, while in real terms, the increase was 9.9 percent, the bank said yesterday.

Many people expected the property market in Bulgaria to struggle in 2021. Property around the world was suffering price cuts, the pandemic having left potential home buyers with limited funds. Furthermore, Brexit was expected to have a big impact on British investment.

With the leaps that the pandemic brought to the digital transformation, the needs for data storage in Greece, but also in the wider region of Southeastern Europe, are constantly increasing. Data centers are evolving into one of the most promising markets in the country, upgrading the prospects for the development of a regional data hub in the wider region.

The property market was hit by the pandemic

The World Bank has raised its growth projection for the Turkish economy by 0.5 percentage points to 5 percent for 2021.

Outstanding short- and long-term debts of Turkey's private sector declined in March, the Turkish Central Bank said on May 17. 

The total foreign debt of private sector saw $170.2 billion as of March, falling by $3.5 billion.

Despite the negative impact of the coronavirus pandemic globally, Turkey was one of a few countries that posted growth, pushing international organizations to revise their growth forecasts for the country.

While the pandemic hit the global economy hard in 2020, Turkey's economy, contrary to expectations, posted a 1.8% growth.

Bulgaria's GDP is expected to grow by 2.7 percent this year and by 4.9 percent in 2022, according to the winter economic forecast for 2021 of the European Commission.

Greece has raised 3.5 billion euros ($4.2 billion) at a record-low interest rate through a 10-year bond issue, the first of 2021.

Finance Minister Christos Staikouras said the yield at Wednesday's auction was 0.8%, while demand for the bond was "very high."

Economists at Greek banks expect the economy to contract between 10.5% and 15% in the first quarter of this year, with the extent of the recession to be determined by how long retail stores remain open, they say. However, the economy will stage a strong recovery in the latter half of the year, taking the sum of 2021 well into positive territory.