Abenomics

Total credit in Greece's banking system contracted 0.9 percent year-on-year in September after a 0.7 percent decline in the previous month, Bank of Greece data showed on Tuesday.
Credit extended to the government fell 3.1 percent after decreasing by 4.4 percent in August, the central bank said.

Economic growth in Bulgaria would slow down over the next 2 years, but would remain close to its potential, according to the European Commission's autumn report. Brussels expects a moderate pace of Bulgarian exports, a fall in inflation, budget surplus and a continuing decline in public debt, BNR reported.

European Council's report, "Autumn 2019 Economic Forecast," on Nov. 7 raised its growth expectation for Turkey's GDP this year from minus 2.3 percent to 0.3 percent.

The growth of the Bulgarian economy will weaken over the next two years against the background of the expected decrease in exports and domestic consumption. This is clear from the second Economic Review for the year, prepared by the Bulgarian National Bank (BNB). "We forecast the real GDP growth rate of Bulgaria in 2019 to reach 3.7%, accelerating compared to 2018.

There was a 0.1% decline in GDP in the second quarter of this year.

The German economy will enter a recession in the third quarter due to the "sharp" decline in industrial production due to tensions in international markets, Bundesbank warned.

The German economy shrank by 0.1 percent in the second quarter from the previous quarter as global trade conflicts and troubles in the auto industry weighed on Europe's largest economy.

The prices of prime office space in Greece rose 7 percent last year compared to 2017 as the country's economic recovery gained pace, the central bank said on Thursday, with the increase most pronounced in Athens.

The Organization for Economic Cooperation and Development (OECD) has warned Greece that it needs to stick to agreed reforms and fiscal targets if it wants to maintain current growth rates.

"Deviations from the current medium-term fiscal strategy would undermine gains in fiscal credibility," the OECD warned in its latest Economic Outlook report.

National Bank analysts estimate that Greece's growth rate this year will not exceed 2 percent, below government and creditor forecasts, as they expect that the slowdown in the eurozone will impact the Greek economy via exports.

Further growth in private and government consumption will contribute more to economic growth than last year. Growth will continue to be underpinned by private sector and government investment, which will increase only slightly less than last year. Export growth will also remain strong, yet somewhat lower than last year, consistent with more moderate growth in foreign demand.