BANCI | ENGLISH

Romanian GDP growth rate could decelerate to 3.7% next year, said Garanti Bank

Autor: Bancherul.ro
2016-12-06 10:41

Garanti Bank, one of the most dynamic banks on the local market, estimates that GDP growth rate could decelerate towards 3.7% next year, as consumption dynamic is expected to revert to pre-stimulus (food VAT cut, as of June 2015, general VAT cut as of January 2016 and public salary hike) levels.

Still, according to the Quarterly Macroeconomic Report, GDP advanced by 4.9% in the first nine months, strongly driven by consumption, said the bank in a statement.

In terms of production, services, especially the IT and business support activities, are expected to remain the engine of economic growth since they kept the good dynamic of previous quarters.

Headline annual inflation is expected to increase from current -0.4% ( October) towards 2% until the end of next year, while the core inflation is expected to remain at around 1.2% in 2017, according to the forementioned report. Based on this outlook, Garanti Bank estimates that the National Bank of Romania will implement a first rate hike in 2018, when inflation is expected to move above target. In the mean time, Garanti Bank expects NBR to maintain its key interest rate at 1.75% through the entire 2017.

According to Garanti Bank’s specialists, Romania’s macro fundamentals remain strong. However, there are two short term domestic risks under the radar: the risk of a higher budget deficit for next year driven by factors such as the increase in public wages but also other measures planned for 2017 and the domestic uncertainties regarding legislative changes that might impact the financial system.

For the banking system, the risk highlight falls on the giving in payment law and the Swiss Franc conversion law, which are currently subject to revision. The overall impact of these laws, however, would be lower than similar actions in other countries, according to Garanti Bank’s macroeconomic report.

Nevertheless, Romania is viewed as being stable by rating agencies, according to the bank.

“Each year comes with new challenges for both the global and the local economies. 2016 is no exception. The most important fact, however, is that Romania keeps its balance, continues its development and to attract investments. We foresee and optimistic outcome in the upcoming future”, stated Ufuk Tandogan, CEO Garanti Bank Romania.

The third quarter witnessed a stagnation in lending activity, as loans grew by 0.8% compared to same period last year and adjusted for the foreign currency effect, according to Garanti Bank’s report.

Investment in the economy started to rise this year and the bank expects the same trend in the future. The appetite for lending to the real estate corporate segment is still low, but prices in this sector have just started to pick up, suggesting that demand is growing, according to the bank’s report.

Garanti Bank specialists believe that prospects for household lending in 2017 are good, especially if the proposal to extend the First Home program by 5 years passes through Parliament.

Taguri: comisioane card Garanti BBVA reclamatie banca dobanda de politica monetara inflatia myBRD Patria Credit IFN

Comentarii

Adauga un comentariu

Adauga un comentariu folosind contul de Facebook

Alte stiri din categoria: ENGLISH

Merger of Alpha Bank and UniCredit Bank Romania

Press Release: "Alpha Services and Holdings announces a strategic partnership with UniCredit in Romania Merger of Alpha Bank Romania and UniCredit Bank Romania and creation of third largest bank in Romania by total assets, with Alpha Bank retaining a detalii

National Bank of Romania (NBR) Board decisions on monetary policy

NBR Board decisions on monetary policy In its meeting of 4 April 2023, the Board of the National Bank of Romania decided: • to keep the monetary policy rate at 7.00 percent per annum; • to leave unchanged the lending (Lombard) facility rate at 8.00 percent per annum and the deposit facility rate at 6.00 percent per annum; • to keep the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit institutions. The annual inflation rate went down to 15.52 percent in February 2023, from 16.37 percent in December 2022, relatively in line with forecasts. The decrease was mainly driven by the sizeable drop in the dynamics of fuel and detalii

ING posts 2022 net result of €3,674 million, dividend of €0.389 per share

ING press release: ING posts FY2022 net result of €3,674 million,
proposed final 2022 dividend of €0.389 per share

4Q2022 profit before tax of €1,711 million; CET1 ratio remains strong at 14.5%
•
Profit before tax up 29% on 4Q2021 and 24% on 3Q2022, mainly driven by higher income
•
Higher net interest income, as a further increase in liability margins helped offset TLTRO impact this quarter
•
Risk costs declined to 17 bps of average customer lending

Full-year 2022 net result of €3,674 million, supported by growing customer base and increase in lending and deposits
•
On a full-year basis, our primary customer base grew by 585,000 detalii

BT Financial Results as at 30 September 2022

BT Financial Results as at 30 September 2022 Banca Transilvania – sustained growth in customers and operations during the first nine months of the year "We continued our robust growth in the number of clients and transactions, with a dynamic well above the market average. We have been growing steadily and continued financing companies and individuals, despite the fact that the financial market is more fraught with uncertainty than ever and
the funding costs and capital requirements are additional factors driving the uncertainty in the economy. We remain committed to our objective - to be the main supporter of the economy and of the state for the development of Romania", states Mr. Ӧmer Tetik, Chief Executive detalii

Vezi toate stirile

21.12.2024

1 EUR = lei
1 USD = lei

Sursa BNR

Profil de Bancher

Monica Vuscan, Director Directia Administrare Credite
Banca Transilvania

... vezi profil

Toate Profilele

Profil de Banca

CPBR

vezi detalii

Toate Bancile

Filmul Parking, un cliseu plictisitor

Toate stirile

ING Bank

Toate stirile

Ultimele Comentarii

împrumut
Vreau să apreciez pe Karin Sabine un împrumut de 9000€ pentru mine. Dacă aveți nevoie de un ... detalii
împrumut
Vreau să apreciez pe Karin Sabine un împrumut de 9000€ pentru mine. Dacă aveți nevoie de un ... detalii
Buna ziua! Am nevoie de ajutor!
Buna ziua! Am trimis activare cont si imi scrie ca au expediat QR Cod pe posta dar nu mia venit ... detalii
Înșelătorie
Mare atenție la firma vex group, te pune să investești 250 € în Forex, câștigi ceva și ... detalii
interdictie conturi ING
Buna ziua, o situatie ca cele de mai sus am patit si eu, cu diferenta ca Revolut a deblocat contul ... detalii

Nume	*
E-mail	*
E-mail prieten	*
Mesaj
Cod validare	*
	Tastati codul din imagine (doar cifre)
	195.154.184.126