United States fiscal cliff
The real budget revision will be probably carried out in November, considering the evolution of certain spending categories, the National Trade Union Bloc (BNS) said in a statement; the union organization cautions that shifting the budgetary pressure to the last two months of the year means an unjustified postponement that is dangerous for budgetary stability.
Romania's Q1 2019 government deficit is 0.5 percent of the Gross Domestic Product (GDP), while the percentage reported on Friday by Eurostat of 4.5pct of GDP quarterly is calculated against the seasonally adjusted ESA balance by reference to the quarterly GDP, according to the Romanian Ministry of Public Finance (MFP).
Fitch Ratings has affirmed Romania's Long-Term Foreign and Local Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook, but warned that the budget deficit might widen to 3.4 percent of the GDP in 2019, a release of the agency informed.
Turkey's central government budget balance recorded a deficit of 62.1 billion Turkish Liras ($13 billion) in the first 10 months of 2018 with a 77.7 percent yearly increase, data from the Treasury and Finance Ministry revealed on Nov. 15.
In the previous Note, we considered the relationship between nominal GDP growth, the fiscal deficit, and the evolution of the debt/GDP ratio. We noted that the math only works if the deficit accurately and truly reflects all the pressures on the stock of debt. In this Note, we can look at this issue in more detail with past data for Greece from 1995-2017.
The Greek economy is now in a position to create surpluses and continue to have growth in 2019, European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Thursday.
"Greece has implemented 450 reforms that were necessary. I believe that Greece is now in a position to create surpluses and return to growth in 2019," Moscovici told France Info radio.
Turkey's central government budget balance recorded a deficit of 25.6 billion Turkish Liras ($5.3 billion on July 16 parity) in June with a dramatic year-on-year increase due to rising public expenditure ahead of the elections, official data has shown.
U.S. President Donald Trump is proposing a $4 trillion-plus budget for next year that projects a $1 trillion or so federal deficit and - unlike the plan he released last year - never comes close to promising a balanced federal ledger even after 10 years.