• 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.