Highlights

  • Real GDP growth in the US was an annualized 3.5% y/y (2nd estimate) in 3Q18. Unemployment rate was 3.7% in November 2018, unchanged from previous month.
  • Real GDP growth in EU19 was revised down to 1.6% y/y in 3Q18, from initial estimate of 1.7% y/y. Unemployment rate in EU19 was unchanged at 8.1% in October 2018.
  • Turkish economy grew by 1.6% y/y in 3Q18 and real GDP growth averaged 4.5% y/y in 9M18.
  • Economic growth accelerated and came in at 6.7% y/y in Georgia, 5.2% y/y in Kazakhstan, 3.5% y/y in Russia and 3.0% y/y in Armenia in October 2018, based on rapid estimates. In 10M18, real GDP growth was 3.5% y/y in Belarus and 0.8% y/y in Azerbaijan.
  • Annual inflation in the US was 2.2% in November 2018, down from 2.5% in previous month. Based on the Eurostat flash estimate, annual inflation in EU19 was 2.0% in November 2018, down from 2.2% in October 2018.
  • In November 2018, annual inflation was below the target level in Armenia (1.8%), Georgia (1.9%), Russia (3.8%) and Belarus (5.0%); inflation was within the target range in Kazakhstan (5.3%), and above the target in Ukraine (10.0%) and Turkey (21.6%).
  • Monetary policy rate was raised to 7.75% from 7.5% in Russia as of 17 December 2018 and has remained unchanged in other countries.

Please see the full report for detailed coverage of the fixed income markets of Georgia, Armenia, Azerbaijan, Belarus, Kazakhstan, and Ukraine.