MGI Weekly round-up | 2 March 2018
Stories MGI has been tracking this week:
- Croatian-Maltese business forum held in Zagreb
- French consumer confidence weakens
- EBRD signs MoU on €700 mln road investment in Bosnia and Herzegovina
And as always, we feature content from the MGI data and analysis platform, a summary of the week’s key statistical releases, and a look to the week ahead in data. In this newsletter, we use the MGI platform (TRADE section) to take a closer look at Croatia’s trade with Malta.
Croatian-Maltese business forum held in Zagreb
The Croatian Chamber of Commerce and the Malta Chamber of Commerce, Enterprise and Industry signed a cooperation agreement in Zagreb on Monday during a high profile business forum. The agreement was signed by the chambers' presidents, in the presence of Croatian President Kolinda-Grabar Kitarović and Malta's President Marie-Louise Coleiro Preca, who is on an official visit to Croatia.
The forum attracted around 80 representatives of Croatian and Maltese companies and institutions from different sectors: construction, tourism, the furniture industry, transport, energy, environment protection and business consulting.
During the first 11 months of 2017, trade between Malta and Croatia amounted to €67.6 million, of which Croatia's exports (mainly petroleum oil, yachts, corn and timber) had the largest share (around 93%), Total Croatia News reports.
French consumer confidence weakens
According to data released by INSEE on Tuesday, consumer confidence in France declined significantly in February 2018. The composite index reached 100 (its long-term average), losing 4 points compared to January 2018.
More specifically, compared to January 2018, the balances concerning household expectations on their future and past financial situation dropped significantly (- 6 points each), the balance on major consumption purchases during the next 12 months dropped slightly (-1 point). In addition, the balance on saving intentions during the next 12 months lost 2 points, the balance on current saving capacity remained virtually unchanged (-1 point), while the balance on expected saving capacity lost 5 points.
Where living standards are concerned, the balances on past and future standards of living decreased by 4 and 6 points respectively. Lastly, the balance on future unemployment remained unchanged, the balance on past prices improved (+5 points), while the balance on future prices deteriorated (-3 points).
EBRD signs MoU on €700 million road investment in Bosnia and Herzegovina
The European Bank for Reconstruction and Development (EBRD) signed a Memorandum of Understanding (MoU) with Bosnia's two entities, the Federation and the Serb Republic, outlining an investment programme of over €700 million. The programme is for the development and modernisation of the country's road infrastructure and covers the period 2018 to 2020. The MoU was signed between the bank and the ministers of transport and communications of the country’s two entities, the EBRD said in a statement.
"We are very pleased to sign this memorandum of understanding today. After the recent breakthrough at the political level we are now ready to deliver the projects which have been under preparation for some time and which are overdue for the future prosperity of the country", the EBRD president said. The MoU was welcomed by the European Commission.
The EBRD has already invested more than €2.1 billion in over 146 projects in the country, SeeNews reports.
Featured content from the MGI data and analysis portal
This week, we use the TRADE section of the MGI platform to take a closer look at Croatia’s trade with Malta. The figures are for the year 2015.
As can be seen from the graphs, Croatia's exports had the largest shares of total trade between the two countries. Croatia’s main exports to Malta were “Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes” ($55.7 million), “Cereals” ($3.5 million) and “Ship, boats and floating structures” ($1.9 million). On the other hand, the country’s main imports from Malta were “Pharmaceutical products” ($1.5 million), “Articles of iron or steel” ($0.28 million) and “Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof” ($0.2 million).
The week in data
Highlights from national statistics releases tracked by MGI this week include:
- Spain's CPI increased 1.1% (YoY) in February 2018 (flash estimate)
- Cyprus's IPI in December 2017 increased 6.5% vs December 2016
- Croatia’s Real GDP increases 2% YoY (original data) and 2.2% YoY and 0.1% QoQ (seasonally-adjusted data) in 2017Q4
- Slovenia’s Real GDP grew 6% YoY in 2017Q4
- Montenegro's IPI in January 2018 increased 52.4% vs January 2017 (preliminary data)
- Italy's CPI increased 0.6% YoY and 0.1% MoM in February 2018 (provisional data)
- Spain’s Real GDP grew 3.1% YoY and 0.7% QoQ in 2017Q4
- Italy’s Real GDP increased 1.6% YoY and 0.3% QoQ in 2017Q4 (seasonally and calendar adjusted data)
Next week, we expect inflation, industrial production and real GDP data for several Mediterranean countries. MGI’s complete data release schedule can be viewed at our release calendar section.
Monday 5 March, 2018:
- Egypt non-oil private sector PMI for February
- Turkey PPI and inflation rate for February
- Spain Services PMI and consumer confidence for February
- Italy Services PMI for February
- France Composite and Services PMI for February, final estimates
- France retail sales for January
- France 3-month, 6-month and 12-month BTF auction
- Israel budget balance for January
- Greece real GDP for 2017Q4, provisional data
- Palestinian Territories IPI for January
Tuesday 6 March, 2018:
- Spain 6-month and 12-month Letras auction
- Israel business confidence for February
- Tunisia inflation rate for February
Wednesday 7 March, 2018:
- France current account for January
- Turkey central bank interest rate decision
- Turkey Treasury cash balance for February
- Israel foreign exchange reserves for February
Thursday 8 March, 2018:
- Egypt inflation and core inflation rate for February
- Israel tourist arrivals and budget balance for February
- Israel current account for 2017Q4
Friday 9 March, 2018:
- France budget balance and IPI for January
- Spain IPI for January
- Italy PPI for January
- Croatia IPI for January
- Cyprus real GDP for 2017Q4
- Greece inflation rate for February