Gross domestic product
The European Commission has recommended Romania to pursue fiscal policies in line with the Council's recommendation of 3 April 2020 that Romania should put an end to the present excessive deficit situation by 2022 at the latest, according to the recommendations in the European Semester Spring package released on Wednesday.
The Gross Domestic Product (GDP) increased in the first quarter of 2020 by 2.4%, as gross series compared to the similar period of last year, and compared to the previous quarter the increase is of 0.3%, according to the flash estimates published by the National Institute of Statistics (INS) on Friday.
Turkey's industrial production saw a decline of 2% year-on-year in March 2020, the country's statistical authority said on May 14.
Turkish Statistical Institute (TurkStat) revealed that all three main sub-indices- mining and quarrying, manufacturing, and the electricity, gas, steam and air conditioning- dropped 5.6%, 1.9% and 0.9%, respectively, in March.
The construction of the Bar-Boljare motorway through Montenegro is one of the prided public investment projects of the current Montenegrin government. The construction of the first phase is also responsible for pushing the public debt of the small Balkan economy to 79% of GDP in 2019.
The deficit of the consolidated general budget for this year rises to 6.7pct of GDP at the first budget adjustment this year, given that the measures adopted to stimulate the economy represent 3pct of GDP, announced on Wednesday Finance Minister Florin Citu in a statement at the Victoria Palace. According to him, the cash deficit increases by 31.9 billion lei.
In the fourth quarter of 2019 GDP1 at current prices amounted to 32 682 million BGN. In Euro terms GDP reaches 16 710 million EUR in total and 2 391 EUR per person. According to the seasonally adjusted figures, the GDP growth rate in the fourth quarter of 2019 is 3.1% compared to the same quarter of the previous year and 0.8% compared to the third quarter of 2019.
Fitch Ratings has greater confidence that Turkey's economic growth is recovering in the near term, according to the ratings service's Douglas Winslow.
"In 2020 we expect a recovery, with GDP growth going from 0.4 percent last year to 3.9 percent this year," Winslow, director in Fitch Ratings' sovereign team, told state-run Anadolu Agency.