Real Sector Credit Rating

Transcription

1 Real Sector Credit Rating Inflation Policy Rate Exchange Rate External Trade Public Finances IMF Support Banking Sector Financial Markets Date of Next Elections Competitiveness South Eastern Europe and Mediterranean Emerging Market Economies Quarterly Chartbook Q: Turkey NBG - Economic Analysis Department Director: Paul Mylonas : + : pmylonas@nbg.gr Emerging Markets Research Head: Michael Loufir : + : mloufir@nbg.gr Romania Bulgaria Serbia Analysts: Evlabia Fetsi : + : efetsi@nbg.gr Konstantinos Romanos-Louizos : + : romanos.louizos.k@nbg.gr Louiza Troupi : + : troupi.louiza@nbg.gr FYROM Albania The information in this document, being distributed by National Bank of Greece S.A., is based upon data and sources of information believed to be correct and reliable but the accuracy of which cannot be guaranteed. Accordingly, no representation or warranty, implied or expressed, is made by any member of National Bank of Greece S.A. as to its accuracy adequacy, timeliness or completeness.

2 South Eastern Europe and Mediterranean Emerging Market Economies Quarterly Chartbook Q: General information Date of next elections Official financial support Foreign currency debt rating Real sector Industrial production Real GDP growth Output gap Employment Unemployment Wages (nominal and real) Wages (nominal, EUR) and Tax rates Balance of payments External trade Real effective exchange rate Current account balance Net FDI Other net capital flows FX reserves Short-term external debt / FX reserves Balance of payments External financing External debt Real estate prices Inflation Nominal effective exchange rate Policy rate Reserve requirement ratios Fiscal balance Public debt Financial Markets Exchange rates Money market rates Government debt rates Sovereign spreads Stock market Banking sector Total loans (m-o-m % change) Total loans Retail loans Corporate loans Total deposits (m-o-m % change) Total deposits Retail deposits Corporate deposits Loans/GDP (%) FX loans/total loans (%) Deposits/GDP (%) FX deposits/total deposits (%) Loans/deposits (%) ROAE (%) CAD (%) NPL ratio (%) Foreign ownership NBG - Economic Analysis Department

3 General information Republic of Turkey Romania Republic of Bulgaria Population (, estimate, mn):. GDP (, EUR, bn):. GDP per Capita (, EUR):, Government type: Parliamentary Republic Chief of state: Recep Tayyip ERDOGAN Head of Government: Ahmet DAVUTOGLU Minister of Finance: Mehmet SIMSEK Central Bank Governor: Erdem BASCI Population (, estimate, mn):. GDP (, EUR, bn):. GDP per Capita (, EUR):, Government type: Semi Presidential Republic Chief of state: Klaus Weiner IOHANNIS Head of Government: Dacian CIOLOS Minister of Finance: Anca Dragu POLIU Central Bank Governor: Mugur ISARESCU Population (, estimate, mn):. GDP (, EUR, bn):. GDP per Capita (, EUR):, Government type: Parliamentary Republic Chief of state: Rosen PLEVNELIEV Head of Government: Boyko BORISOV Minister of Finance: Vladislav GORANOV Central Bank Governor: Dimitar RADEV Republic of Serbia Population (, estimate, mn):. GDP (, EUR, bn):. GDP per Capita (, EUR):, Government type: Parliamentary Republic Chief of state: Tomislav NIKOLIC Head of Government: Aleksandar VUCIC Minister of Finance: Dusan VUJOVIC Central Bank Governor: Jorgovanka TABAKOVIC Former Yugoslav Republic of Macedonia Population (, estimate, mn):. GDP (, EUR, bn):. GDP per Capita (, EUR):, Government type: Parliamentary Republic Chief of state: Emil DIMITRIEV Head of Government: Nikola GRUEVSKI Minister of Finance: Zoran STAVRESKI Central Bank Governor: Dimitar BOGOV Republic of Albania Population (, estimate, mn):. GDP (, EUR, bn):. GDP per Capita (, EUR):, Government type: Parliamentary Republic Chief of state: Bujar NISHANI Head of Government: Edi RAMA Minister of Finance: Shkelqim CANI Central Bank Governor: Gent SEJKO Republic of Arab Republic of Population (, estimate, mn):. GDP (, EUR, bn):. GDP per Capita (, EUR):, Government type: Presidential Republic without PM Chief of state: Nicos ANASTASIADES Head of Government: Nicos ANASTASIADES Minister of Finance: Harris GEORGIADES Central Bank Governor: Chrystalla GEORGHADJI Population (, estimate, mn):. GDP (, EUR, bn):. GDP per Capita (, EUR):, Government type: Semi Presidential Republic Chief of state: Abdel Fattah Said AL-SISI Head of Government: Sherif Ismail MOHAMED Minister of Finance: Hany Kadry DIMIAN Central Bank Governor: Tarek AMER NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

4 Date of next elections Date of Next Elections Albania FYROM Serbia Bulgaria Romania Turkey Legislative October December October April * April June May Oct.- Dec. Presidential August November October May April July February May Local March June October April March June December Unknown ** *: A snap general election is expected to take place the day of municipal and provincial elections **: Last local elections were held in April NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

5 Official financial support IMF & EU Financial Support (EUR bn) Albania FYROM Serbia Bulgaria Romania Turkey Period * - * * - * Programme Drawn so far Repaid IMF EU IMF EU IMF since since EU since Next Repayments IMF since. EU EUR.,., and.bn, respectively, in,, and Starting in Starting in Starting in * Precautionary NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

6 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Foreign currency credit rating Moody's Aa A A A Baa Baa Baa Ba Ba Ba B B B Caa Caa Caa Foreign Currency LT Debt Rating December / December Investment Non-Investment Grades Moody's Aa A A A Baa Baa Baa Ba Ba Ba B B B Caa Caa Caa Foreign Currency LT Debt Rating December / December Investment Grades Non-Investment Grades Moody's Aa A A A Baa Baa Baa Ba Ba Ba B B B Caa Caa Caa Foreign Currency LT Debt Rating December / December Investment Grades Non-Investment Grades Moody's Aa A A A Baa Baa Baa Ba Ba Ba B B B Caa Caa Caa Moodys S&Ps Fitch Moody's S&P's Fitch Moody's S&P Fitch Foreign Currency LT Debt Rating December / December Investment Grades Non-Investment Grades Moody's Aa A A A Baa Baa Baa Ba Ba Ba B B B Caa Caa Caa Foreign Currency LT Debt Rating December / December Investment Non-Investment Grades Moody's Aa A A A Baa Baa Baa Ba Ba Ba B B B Caa Caa Caa Foreign Currency LT Debt Rating December / December Investment Grades Non-Investment Grades Moodys S&P Fitch Foreign Currency LT Debt Rating Moody's December / December Aa A A A Investment Baa Baa Baa Ba Ba Ba B B Non-Investment Grades B Caa Caa Caa S&Ps Fitch Foreign Currency LT Debt Rating Moody's December / December Aa A A A Investment Baa Baa Baa Ba Ba Ba B B B Non-Investment Grades Caa Caa Caa S&P S&P/Fitch,, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB- B+, B, B-, CCC+, CCC,, CCC- S&P/Fitch,, AA-, A+, A, A-, BBB, BBB+, BBB-, BB+, BB, BB- B, +, B, B- CCC, +CCC,, CCC- S&P/Fitch,, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B B-, CCC+, CCC,, CCC- S&P/Fitch,, AA-, A+, A, A-, BBB+, BBB, BBB-, BB+, BB, BB-, B+, B B-, CCC+, CCC,, CCC- S&P/Fitch,, AA-, A+, A, A-,, BBB BBB+, BBB-, BB+, BB, BB- B,, +, B- CCC, +CCC,, CCC- S&P/Fitch,, AA-, A+, A, A-,, BBB BBB+, BBB-, BB+,, BB, BB- B,, + B B-, CCC, +CCC, CCC- S&P/Fitch,, AA-, A+, A, A-,, BBB BBB+ BBB-, BB+, BB, BB-, B+,, B, B- CCC, +CCC, CCC-, S&P/Fitch,, AA-, A+, A, A-,, BBB BBB+, BBB-, BB+, BB, BB- B+,, B, B- CCC, +CCC,, CCC- Moodys Moodys S&Ps Fitch Moodys S&Ps Fitch NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

7 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Industrial production Industrial Production Industrial Production Industrial Production Industrial Production Industrial Production - - N.A Industrial Production Industrial Production NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

8 Real GDP growth Q:-Q: CAGR (%). Q:-Q: CAGR (%). growth (%, E). growth (%, F). potential growth (%, F). output gap (% of potential GDP, F) -. Long-term potential growth (%). Per capita GDP (, EUR), Per capita GDP (, % of EU- avg.). Q:-Q: CAGR (%). Q:-Q: CAGR (%). growth (%, E). growth (%, F). potential growth (%, F). output gap (% of potential GDP, F). Long-term potential growth (%). Per capita GDP (, EUR), Per capita GDP (, % of EU- avg.). Q:-Q: CAGR (%). Q:-Q: CAGR (%). growth (%, E). growth (%, F). potential growth (%, F). output gap (% of potential GDP, F). Long-term potential growth (%). Per capita GDP (, EUR), Per capita GDP (, % of EU- avg.). Q:-Q: CAGR (%). Q:-Q: CAGR (%) -. growth (%, E). growth (%, F). potential growth (%, F). output gap (% of potential GDP, F) -. Long-term potential growth (%). Per capita GDP (, EUR), Per capita GDP (, % of EU- avg.). Q:-Q: CAGR (%). Q:-Q: CAGR (%). growth (%, E). growth (%, F). potential growth (%, F). output gap (% of potential GDP, F). Long-term potential growth (%). Per capita GDP (, EUR), Per capita GDP (, % of EU- avg.). Q:-Q: CAGR (%). Q:-Q: CAGR (%). growth (%, E). growth (%, F). potential growth (%, F). output gap (% of potential GDP, F) -. Long-term potential growth (%). Per capita GDP (, EUR), Per capita GDP (, % of EU- avg.). Q:-Q: CAGR (%). Q:-Q: CAGR (%) -. growth (%, E). growth (%, F). potential growth (%, F). output gap (% of potential GDP, F) -. Long-term potential growth (%). Per capita GDP (, EUR), Per capita GDP (, % of EU- avg.). Q:-Q: CAGR (%). Q:-Q: CAGR (%). growth (%, E). growth (%, F). potential growth (%, F). output gap (% of potential GDP, F). Long-term potential growth (%). Per capita GDP (, EUR), Per capita GDP (, % of EU- avg.), NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

9 Real GDP Growth Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: - Q: CAGR Real GDP Q: - Q: CAGR Forecast Q: - Q: CAGR Real GDP Q: - Q: CAGR Forecast Q: - Q: CAGR Real GDP Q: - Q: CAGR Forecast Q: - Q: CAGR Real GDP Q: - Q: CAGR Forecast Q: - Q: CAGR Real GDP Q: - Q: CAGR Forecast Q: - Q: CAGR Real GDP Q: - Q: CAGR Forecast - Real GDP Real GDP Q: - Q: CAGR Q: - Q: CAGR Forecast Q: - Q: CAGR Q: - Q: CAGR Forecast NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

10 Output Gap Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Output Potential Output (rhs, Q:=) Actual/Projected Output (rhs, Q:=) Output Gap (%, lhs) Output Potential Output (rhs, Q:=) Actual/Projected Output (rhs, Q:=) Output Gap (%, lhs) Output Potential Output (rhs, Q:=) Actual/Projected Output (rhs, Q:=) Output Gap (%, lhs) Output Potential Output (rhs, Q==) Actual/Projected Output (rhs, Q:=) Output Gap (%, lhs) Output Potential Output (rhs, Q:=) Actual/Projected Output (rhs, Q:=) Output Gap (%, lhs) Output Potential Output (rhs, Q:=) Actual/Projected Output (rhs, Q:=) Output Gap (%, lhs) Output Output Potential Output (rhs, Q:=) Actual/Projected Output (rhs, Q:=) Output Gap (%, lhs) Potential Output (rhs, Q:=) Actual/Projected Output (rhs, Q:=) Output Gap (%, lhs) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

11 Employment Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Employment Employment Employment - - Total Non-farm n.a Employment Employment Employment Employment Employment NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

12 Unemployment rate Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Unemployment Rate (%) Total Non-farm Unemployment Rate (%) Unemloyment Rate (ILO definition, %) Unemployment Rate (%) Unemployment Rate (%) Unemployment Rate (%) Unemployment Rate (%) Unemployment Rate (%) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

13 Nominal and real wages / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / / / / / / / / / / / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / / Gross Wages in Manufacturing Nominal Real Gross Wages Nominal Real - - Gross Wages Nominal Real - - Nominal Real Net Wages Average Net Wages Nominal Public Sector Wages Real Nominal Gross Wages Nominal Real Gross Wages Nominal Real - - NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

14 Nominal wages (in EUR) and Tax rates Gross Wages (Monthly Average, EUR, ) Turkey Romania Bulgaria Serbia * FYROM * Albania, n.a. Greece, * Net Wage Tax Rates (%) Personal Income Corporate Income Turkey. -.. Romania.. Bulgaria.. Serbia.. FYROM.. Albania Greece. -..* *: Corporate tax rate retroactively increased to % in July (from %) for profits derived in the accounting period commencing on January st. NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

15 Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / / / / / / / / / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / External trade External Trade (USD terms, y-o-y % change) Exports Imports External Trade (EUR Terms, y-o-y % change) Exports lmports Extenal Trade (EUR Terms, y-o-y % change) Exports Imports Exports External Trade (EUR terms, y-o-y % change) Imports External Trade (EUR terms, y-o-y % change) Exports Imports External Trade (EUR terms, y-o-y % change) Imports Exports External Trade (EUR terms, y-o-y % change) Exports Imports Figures according to BPM -- available from External Trade (USD terms, y-o-y % change) Exports Imports NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

16 Real effective exchange rate / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / CPI-based REER REER (level, =, left scale) REER (y-o-y % change, right scale) CPI-based REER REER (y-o-y % change, right scale) REER (level, =, left scale) CPI-based REER REER (y-o-y % change, right scale) REER (level, =, left scale) CPI-based REER REER (level, =, left scale) REER (y-o-y % change, right scale) CPI-based REER REER (level, =, left scale) REER (y-o-y % change, right scale) CPI-based REER REER (level, =, left scale) REER (y-o-y % change, right scale) CPI-based REER REER (level, =, left scale) REER (y-o-y % change, right scale) CPI-based REER REER (level, =, left scale) REER (y-o-y % change, right scale) - - NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

17 Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / / / / / / / / / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Current account balance Current Account Balance (-M Rolling Sum, % of GDP) Current Account Balance Current Account Balance (-M Rolling Sum, % of GDP) Current Account Balance Current Accoount Balance (excluding Energy) Current Account Balance (-M Rolling Sum, % of GDP) Current Account Balance Current Account Balance (excluding Energy) Current Account Balance (-M Rolling Sum, % of GDP) Current Account Balance Current Account Balance (excluding Energy) Current Account Balance (-M Rolling Sum, % of GDP) Current Account Balance (excluding Energy) n.a. Current Account Balance Current Account Balance (-Q Rolling Sum, % of GDP) Current Account Balance Current Account Balance (excluding Energy) Current Account Balance (-Q Rolling Sum, % of GDP) Current Account Balance (excluding Energy) Current Account Balance Figures according to BPM -- available from Current Account Balance (-Q Rolling Sum, % of GDP) Current Account Balance Current Account Balance (excluding Energy) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

18 Net FDI / / / / / / / / / / / / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / / / / / / / / / / / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / FDI (-M Rolling Sum, % of GDP) FDI (-M Rolling Sum, % of GDP) FDI (-M Rolling Sum, % of GDP) FDI (-M Rolling Sum, % of GDP) FDI (-M Rolling Sum, % of GDP) FDI (-Q Rolling Sum, % of GDP) FDI (-Q Rolling Sum, % of GDP) Figures according to BPM -- available from FDI (-Q Rolling Sum, % of GDP) - NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

19 Other net capital flows (excluding IMF funding and net errors and omissions) / / / / / / / / / / / / / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / / / / / / / / / / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: / / / / / / / / / / Other Investment (-M Rolling Sum, as % of GDP) Other Investment (-M Rolling Sum, % of GDP) Other Investment (-M Rolling Sum, % of GDP) Other Investment (-M Rolling Sum, % of GDP) Other Investment (-M Rolling Sum, % of GDP) Other Investment (-Q Rolling Sum, % of GDP) - * Other Investment (-Q Rolling Sum, % of GDP) Figures according to BPM -- available from Other Investment (-Q Rolling Sum, % of GDP) * Excluding European Stability Mechanism as well NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

20 FX reserves / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / FX Reserves FX Reserves (in USD bn, left scale) Months of import of GNFS (right scale) FX Reserves FX Reserves (excl. IMF and EU, EUR bn., left scale) IMF/EU Disbursements (EUR bn., left scale) Months of Imports of GNFS (right scale) FX Reserves FX Reserves (EUR bn., left scale) Months of Imports of GNFS (right scale) FX Reserves FX Reserves (EUR bn, excl. IMF, left scale) IMF Disbursements (EUR bn, left scale) Months of imports of GNFS (right scale),,,,,,,,,, FX Reserves FX Reserves (excl. IMF, EUR bn, left scale) IMF Disbursements (EUR bn., left scale) Months of import of GNFS (right scale),,,,,,,,,,,,,,, FX Reserves Months of imports of GNFS (right scale) FX Reserves (EUR bn, left scale) IMF Disbursements (EUR bn, left scale),,,,,,,,,, FX Reserves FX Reserves (USD bn, left scale) Months of import of GNFS (right scale) N.A. NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

21 Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Short-term external debt / FX reserves (%) Short-Term External Debt / FX Reserves (%) Short-Term External Debt Short-Term External Debt excluding Trade Credits Short-Term External Debt / FX Reserves (%) Short-Term External Debt / FX Reserves Short-Term External Debt (excl. Interbank Lending) / FX Reserves Short-Term External Debt / FX Reserves (%) Q:-Q:: NBG estimate Short-Term External Debt / FX Reserves (%) Short-term External Debt / FX Reserves (%) Short-Term External Debt / FX Reserves (%) Short-Term External Debt / FX Reserves (%) N.A. NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

22 Balance of payments (% of GDP) Turkey M: M: F F Current account balance Net FDI Other net capital inflows * Romania M: M: F F Current account balance Net FDI Other net capital inflows * Bulgaria M: M: F F Current account balance Net FDI Other net capital inflows * Serbia M: M: E F Current account balance Net FDI Other net capital inflows * FYROM M: M: F F Current account balance Net FDI Other net capital inflows * a -. Albania M: M: E F Current account balance Net FDI Other net capital inflows a. a: Redemption of a Eurobond worth EUR bn (.% of GDP ) in December a: Including the issuance of EUR mn (.% of GDP) Eurobond in November to rollover the EUR mn Eurobond that matured in November. M: M: F F Current account balance Net FDI Other net capital inflows * # / / M:/ M:/ /F /F Current account balance Net FDI Other net capital inflows * *: excluding IMF and ESM funding and net errors and omissions, #: Fiscal year ending on June th NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

23 External financing Turkey (USD bn) E F Financing Needs... Cur. Acct Deficit... Amort. + Other... Financing Sources... FDI... IMF... Other IFIs n.a. n.a. n.a. Other... Change in FX Res Romania (EUR bn) E F Financing Needs... Cur. Acct Deficit... Amort. + Other... Financing Sources... FDI... IMF Other IFIs. -.. Other... Change in FX Res Bulgaria (EUR bn) E F Financing Needs... Cur. Acct Deficit Amort. + Other... Financing Sources... FDI... IMF... Other IFIs n.a. n.a. n.a. Other... Change in FX Res.... Serbia (EUR bn) E F Financing Needs... Cur. Acct Deficit... Amort. + Other... Financing Sources... FDI... IMF * Other IFIs... Other... Change in FX Res *: assuming no disbursements from the IMF in (EUR bn) E F Financing Needs... Cur. Acct Deficit... Amort. + Other... Financing Sources... FDI IMF... Other IFIs... Other... Change in FX Res.... FYROM (EUR bn) E F Financing Needs... Cur. Acct Deficit... Amort. + Other... Financing Sources... FDI... IMF Other IFIs n.a. n.a. n.a. Other... Change in FX Res (USD bn) / /F /F Financing Needs... Cur. Acct Deficit... Amort. + Other... Financing Sources... FDI... IMF n.a. n.a. n.a. Other IFIs n.a. n.a. n.a. Other... Change in FX Res Albania* (EUR bn) E F Financing Needs... Cur. Acct Deficit... Amort. + Other... Financing Sources... FDI... IMF...* Other IFIs... Other... Change in FX Res.... *: assuming the disbursement of the combined two tranches undisbursed in and the three tranches scheduled for NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

24 Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q; Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: External debt Gross External Debt (as % of GDP) Short-Term External Debt (as % of Tot. Ext. Debt, rhs) Public Sector (lhs) Banking Sector (lhs) Non-Financial Private Sector (lhs) Gross External Debt (as % of GDP) Short-Term Debt (as % of Gross External Debt, rhs) Public Sector (lhs) Banking Sector (lhs) Non-Financial Private Sector (lhs) Intercompany Lending (lhs) Gross External Debt (as % of GDP) Short-Term Debt (as % of Gross External Debt, rhs) Public Sector (lhs) Banking Sector (lhs) Non-Financial Private Sector (lhs Intercompany Lending (lhs) Q:-Q:: NBG estimate Gross External Debt (as % of GDP) Short-term External Debt (as % of Total Debt, rhs) Public Sector (lhs) Banking Sector (lhs) Non-Financial Private Sector (lhs Gross External Debt (as % of GDP) Short-Term External Debt (as % of Tot. Ext. Debt, rhs) Public Sector (lhs) Banking Ssector (lhs) Non-Financial Private Sector (lhs) Intercompany Lending (lhs) Gross External Debt (as % of GDP) Short-term External Debt (as % of Total Debt, rhs) Public Sector (lhs) Banking Sector (lhs) Non-Financial Private Sector (lhs) Intercompany Lending (lhs) Gross External Debt (as % of GDP) Short-Term External Debt (as % of Tot. Ext. Debt, rhs) Public Sector (lhs) Banking Sector (lhs) Non-Financial Private Sector (lhs) Intercompany Lending (lhs) Gross External Debt (as % of GDP) Short-Term External Debt (as % of Tot. Ext. Debt, rhs) Non-Financial Private Sector (lhs) Public Sector (lhs) Banking Sector (lhs) Total External Debt (lhs) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

25 Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Real estate prices Real Estate Price Index (Q:=) TRY Nominal Terms TRY, adj. for inflation EUR Terms House Price Index, Countrywide Source: Central Bank of Turkey Real Estate Price Index (Q:=) RON Nominal Terms RON, adj, for inflation EUR Terms Asking Price, Apartments, Countrywide Source: Imobilare.ro Real Estate Price Index (Q:=) BGN, EUR Nominal Terms BGN, adj. for inflation Housing Price Index, Countrywide Source: National Statistical Institute Real Estate Price Index (Q:=) RSD Nominal Terms RSD, adj. for inflation EUR Terms New Construction Dwellings, Countrywide Source: Statistical Office Real Estate Price Index (Q:=) MKD, EUR, adj. for inflation House Price Index, Skopje Source: Central Bank of FYROM MKD, EUR Nominal Terms Real Estate Prices Index EUR terms (Q:=) ALL, Nominal Terms ALL, adj. for inflation Apartments, Tirana Source: Bank of Albania Residential Property Price Index (Q:=) House Price Index, Countrywide Source: Central Bank of EUR Nominal Terms EUR, adj. for inflation N.A. NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

26 Inflation / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Headline & Core Inflation Headline Inflation Food Inflation Dec. F:.% Core-I Inflation (excluding energy, food, bevarages, tobacco products and gold Headline & Core Inflation Dec. F:.% Headline Inflation Adjusted Core II Inflation (excl. administered, volatile, tobacco and alcohol prices) Food Inflation Headline & Core Inflation Headline Inflation Core Inflation (excl. food, solid and liquid fuels, electricity, gas and heat energy) Food Inflation Dec. F:.% - - Headline & Core Inflation Headline Inflation Core Inflation Food Inflation Dec. F:.% Headline & Core Inflation Headline Inflation Core Inflation Food Inflation Dec. F:.% Headline & Core Inflation H Dec. F:.% - Headline & Core Inflation (y-o-y% change) Headline Inflation Core Inflation Food Inflation Headline & Core Inflation Headline Inflation Core Inflation Food Inflation - - Dec. F: -.% - - June F:.% NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

27 Nominal effective exchange rate / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / CPI-based NEER NEER (level, =, left scale) NEER (y-o-y % change, right scale) CPI-based NEER NEER (y-o-y % change, right scale) NEER (level, =, left scale) CPI-based NEER NEER (y-o-y % change, right scale) NEER (level, =, left scale) CPI-based NEER NEER (level, =, left scale) NEER (y-o-y % change, right scale) CPI-based NEER NEER (level, =, left scale) NEER (y-o-y % change, right scale) - - CPI-based NEER NEER (y-o-y % change, right scale) NEER (level, =, left scale) CPI-based NEER NEER (level, =, left scale) NEER (y-o-y % change, right scale) CPI-based NEER NEER (level, =, left scale) NEER (y-o-y % change, right scale) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

28 Policy rate / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Policy Rate (%) (-w CBRT Repo Rate) Nominal Policy Rate Real Policy Rate Effective Funding Rate (eop) Overnight Interbank Rate Policy Rate (-W Repo Rate) Nominal Policy Rate Real Policy Rate Money Market Rate (-M SOFIBOR, average,%) Nominal Money Market Rate Real Money Market Rate Real Policy Rate Policy Rate (-W Repo Rate) Nominal Policy Rate Policy Rate (%) (-D CB Rate) Nominal Policy Real Policy Rate Policy Rate (-W Repo Rate) Real Policy Rate Nominal Policy Rate Policy Rate (ECB Main Refinancing Rate, %) Nominal Policy Rate Real Policy Rate Policy Rate (Overnight Deposit Rate, %) Nominal Policy Rate Real Policy Rate NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

29 Reserve requirement ratios Reserve Requirement Ratios (Average, %) Dec. Dec. Jan. LC Liabilities... FC Liabilities... Reserve Requirement Ratios (%) Dec. Dec. Jan. LC Liabilities... FC Liabilities... Reserve Requirement Ratios (%) Dec. Dec. Jan. LC Liabilities... FC Liabilities... Reserve Requirement Ratios (%) Dec. Dec. Jan. LC Liab FC Liab Reserve Requirement Ratios (%) Dec. Dec. Jan. LC Liabilities... FC Liabilities... Reserve Requirement Ratios (%) Dec. Dec. Jan. LC Liabilities... FC Liabilities... Reserve Requirement Ratios (%) Dec. Dec. Jan. LC Liabilities... FC Liabilities... Reserve Requirement Ratios (%) Dec. Dec. Jan. LC Liabilities... FC Liabilities... NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

30 Fiscal balance (% of GDP) M: M: F M: M: F M: M: F M: M:* * F *: Including the payment of once-off expenses of.% of GDP, entailing: i) arrears in military pensions; and ii) the debt of the state-owned Srbijagas to NIS for supplied gas M: M: E F * M:* M:* * F* *: Including the clearance of arrears, worth.% of GDP in FY: and.% of GDP in M: M: E F / / M:/ M:/ /F /F *: Fiscal year ending on June th. NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

31 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Fiscal balance Tax Revenue, Primary Expenditure & Fiscal Balance (-M Rolling Sum) Tax Revenue (y-o-y % change, lhs) Primary Expenditure (y-o-y% change, lhs) Fiscal Deficit (% of GDP, rhs) Tax Revenue, Primary Expenditure & Fiscal Balance (-M Rolling Sum) Fiscal Balance (% of GDP, right scale) Monthly data are not available over this period Tax Revenue (y-o-y % change, left scale) Primary Expenditure Tax Revenue, Primary Expenditure & Fiscal Balance (-M Rolling Sum) Tax Revenue (y-o-y % change, left scale) Primary Expenditure Fiscal Balance (% of GDP, right scale) Tax Revenue, Primary Expenditure & Fiscal Balance (-m rolling) Fiscal Balance Excl. Act. Guarantees (% of GDP, rhs) Activated Guarantees (% of GDP, rhs) Tax Revenue (y-o-y % change, lhs) Non-Interest Expenditure (y-o-y % change, lhs) Tax Revenue, Primary Expenditure & Fiscal Balance (-M Rolling Sum) Tax Revenue (y-o-y % change, left scale) Primary Expenditure (y-o-y % change, left scale) Fiscal Balance (% of GDP, right scale) Tax Revenue, Primary Expenditure & Fiscal Balance (-month rolling sum) Fiscal Balance (excl. clearance of arrears, % of GDP, rhs) Tax Revenue (y-o-y % change, lhs) Primary Expenditure (excl. clearance of arrears, y-o-y % change, lhs) Clearance of Arrears Tax Revenue, Primary Expenditure & Fiscal Balance (-M Rolling Sum) Tax Revenue (y-o-y % change, left scale) Primary Expenditure (y-o-y % change, left scale) Fiscal Balance (% of GDP, right scale) Tax Revenue, Primary Expenditure & Fiscal Balance (-M Rolling Sum) Tax Revenue (y-o-y % change, lhs) Primary Expenditure (y-o-y % change, lhs) Fiscal Balance (% of GDP, rhs) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

32 Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Q: Public debt Gross Public Debt (% of GDP) Gross Public Debt (incl. guaranteed debt, % of GDP) Gross Public Debt & Fiscal Reserve Account (% of GDP) Gross Public Debt (inc. guaranteed debt) Fiscal Reserve Account Gross Public Debt (% of GDP) Gross Public Debt (% of GDP) Gross Public Debt (% of GDP) Gross Public Debt (% of GDP) Gross Public Debt (% of GDP) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

33 Exchange rates / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / /, Exchange Rates,, Exchange Rates,, Exchange Rates,,,, USD/TRY EUR/TRY,,,,,,, EUR/RON USD/RON,,,,,,,, EUR/BGN USD/BGN,,,,,,,,,,,,,,,, USD/RSD EUR/RSD Exchange Rates USD/MKD EUR/MKD Exchange Rates USD/ALL EUR/ALL Exchange Rates,,,,,,, Exchange Rates EUR/USD,,,,,,,,,,,,,,,,, USD/EGP EUR/EGP Exchange Rates,,,,,,,,,, NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

34 Money market rates / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / -M TRIBOR (%) -M TRIBOR Overnight Interbank Rate Effective Funding Rate (-W Repo Rate before October ) -M ROBOR (%) -M ROBOR -Week Repo Rate -M SOFIBOR (%) -M BELIBOR (%) -M BELIBOR -Week Repo Rate -M SKIBOR (%) -M SKIBOR -D CB Rate,,,,,,,, -M TRIBOR -Week Repo Rate -M TRIBOR (%),,,,,,,, -M EURIBOR (%), -M CAIBOR (%), -M EURIBOR (Not effective since Sep. ) ECB Main Refinancing Rate,,,,, -M CAIBOR Overnight Deposit Rate,,,,,,, - -,, NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

35 Government debt yields / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / -Y Bond Yield (%) -Y Bond Yield (lhs) -Y Bond / -Y TRIBOR Spread (bps, rhs) Y Bond Yield (%) -Y Bond Yield (lhs) -Y Bond / M-ROBOR Spread (bps, rhs) - -Y Bond Yield (%) -Y Bond Yield (lhs) -Y Bond / M-SOFIBOR Spread (bps, rhs) - -M TB Yield (%)* -M TB Yield (bps, lhs) -M TB / -M BELIBOR Spread (bps, rhs) - -Y Bond Yield (%) -Y Bond Yield (lhs) -Y Bond / -Y SKIBOR Spread (bps, rhs), - -,,,,,, -Y Bond Yield (%) -Y Bond Yield (bps, lhs) -Y Bond / -M TRIBOR Spread (bps, rhs) - - * -week combounded since April -Y Bond Yield (%) -Y Bond Yield (%) -Y Bond Yield (lhs) -Y Bond / -Y CAIBOR Spread (bps, rhs) - NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

36 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Sovereign spreads Eurobond Spread - TR EUR. Eurobond Spread - RO EUR. Eurobond Spread - BG EUR.. Eurobond Spread - RS USD.. Eurobond Spread - MK EUR... Eurobond Spread - AL EUR... Eurobond Spread - CY EUR. Eurobond Spread - EG USD NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

37 Stock market / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Stock Exchange (.XU, ') Total Market Cap. (//):.% of GDP,,,,,,,,, Stock Exchange (.BETBK, ') Total Market Cap. (//):.% of GDP,,,,,,,,,,,,,,,, Stock Exchange (.SOFIX, ') Total Market Cap. (//):.% of GDP,,,,,,,, Stock Exchange (.BELEX, '), Stock Exchange (MBI, '),,,, Total Market Cap. (//):.% of GDP,,,, Total Market Cap. (//):.% of GDP N.A.,,,,,,,,,,, Stock Exchange (.CYMNPRL, ') Total Market Cap. (//):.% of GDP,,,,,,,,,,,,,,,, Stock Exchange (.HRMS, ') Total Market Cap. (//):.% of GDP,,,,,,,,, NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

38 Total loans (m-o-m % change, -month moving average) / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / - Total Loans (m-o-m % change, -m m.-a.) Non- - - Total Loans (m-o-m % change, -m m.-a.) Non Total Loans (m-o-m % change, -m m.-a.) All banks, excluding CCB from November (BNB definition) All banks, excluding CCB from the beginning of the time series (NBG estimates) Total Loans (m-o-m % change, -m m.-a.) Non- Total Loans (m-o-m % change, -m m.-a.) Total Loans (m-o-m % change, -m m.-a.) Non Total Loans (m-o-m % change, -m m.-a.) Total Loans (m-o-m % change, -m m.-a.) Non- - - NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

39 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Total loans - Total Loans Non- - - Total Loans Non Total Loans All banks, excluding CCB from November (BNB definition) All banks, excluding CCB from the beginning of the time series (NBG estimates) Total Loans Non- - - Total Loans - Total Loans Non- - Total Loans Total Loans Non NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

40 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Retail loans Retail Loans Retail Loans Non- Retail Loans All banks, excluding CCB from November (BNB definition) All banks, excluding CCB from the beginning of the time series (NBG estimates) - Non Retail Loans Non- Retail Loans Retail Loans Non Retail Loans Retail Loans Non NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

41 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Corporate loans Corporate Loans Non- Corporate Loans Non- - Corporate Loans All banks, excluding CCB from November (BNB definition) All banks, excluding CCB from the beginning of the time series (NBG estimates) Corporate Loans Non- Corporate Loans Corporate Loans Non Corporate Loans Corporate Loans Non- - - NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

42 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Total deposits (m-o-m % change, -month moving average) Total Deposits (m-o-m % change, -m m.-a.) Non- Total Deposits (m-o-m % change, -m m.-a.) Non- Total Deposits (m-o-m % change, -m m.-a.) All banks, excluding all CCB's in November and including CCB's guaranteed deposits in December (BNB definition) All banks, excluding CCB's non-guaranteed deposits from the beginning of the time series (NBG estimates) Total Deposits (m-o-m % change, -m m.-a.) Total Deposits (m-o-m % change, -m m.-a.) Total Deposits (m-o-m % change, -m m.-a.) Non Non Total Deposits (m-o-m % change, -m m.-a.) Total Deposits (m-o-m % change, -m m.-a.) Non NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

43 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Total deposits Total Deposits Non- Total Deposits Non- - Total Deposits All banks, excluding all CCB's in November and including CCB's guaranteed deposits in December (BNB definition) All banks, excluding CCB's non-guaranteed deposits from the beginning of the time series (NBG estimates) - Total Deposits Non- Total Deposits Total Deposits Non Total Deposits Total Deposits Non NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

44 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Retail deposits Retail Deposits Non- Retail Deposits Non- - - Retail Deposits - - Retail Deposits Non- Retail Deposits Retail Deposits Non Resident Deposits Retail Deposits Non- - - NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

45 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Corporate deposits Corporate Deposits Non- - - Corporate Deposits Non Corporate Deposits - - Corporate Deposits Corporate Deposits Corporate Deposits Non Non Non Resident Deposits Corporate Deposits Non- - - NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

46 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Loans/GDP (%) Loans/GDP (%) Loans/GDP (%) Loans/GDP (%) All banks, excluding CCB from November (BNB definition) All banks, excluding CCB from the beginning of the time series (NBG estimates) Loans/GDP (%) Loans/GDP (%) Loans/GDP (%) Loans/GDP (%) Loans/GDP (%) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

47 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / FX loans/total loans (%) FX Loans/Total Loans (%) FX Loans/Total Loans (%) FX Loans/Total Loans (%) All banks, excluding CCB from November (BNB definition) All banks, excluding CCB from the beginning of the time series (NBG estimates) FX Loans/Total Loans (%) FX Loans/Total Loans (%) FX Loans/Total Loans (%) FX Loans/Total Loans (%) N.A. NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

48 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Deposits/GDP (%) Deposits/GDP (%) Deposits/GDP (%) Deposits/GDP (%) All banks, excluding all CCB's in November and including CCB's guaranteed deposits in December (BNB definition) All banks, excluding CCB's non-guaranteed deposits from the beginning of the time series (NBG estimates) Deposits/GDP (%) Deposits/GDP (%) Deposits/GDP (%) Deposits/GDP (%) Deposits/GDP (%) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

49 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / FX deposits/total deposits (%) FX Deposits/Total Deposits (%) FX Deposits/Total Deposits (%) FX Deposits/Total Deposits (%) FX Deposits/Total Deposits (%) FX Deposits/Total Deposits (%) FX Deposits/Total Deposits (%) FX Deposits/Total Deposits (%) N.A. NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

50 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / Loans/Deposits (%) Loans/Deposits (%) Loans/Deposits (%) Loans/Deposits (%) All banks, excluding CCB loans from November, on the one hand, and excluding all CCB's deposits in November and including CCB's guaranteed deposits in December, on the other hand (BNB definition) Loans/Deposits (%) Loans/Deposits (%) Loans/Deposits (%) Loans/Deposits (%) Loans/Deposits (%) NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q:

51 ROAE (Annualised) M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M:/ M:/ M:/ M:/ M:/ M:/ M:/ M:/ M:/ M:/ M:/ M: M: M:/ M:/ M:/ M:/ M:/ M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: M: ROAE (cumulative, annualised, %) ROAE (cumulative, annualised, %) ROAE (cumulative, annualised, %) Excluding Corporate Commercial Bank ROAE (cummulative, annualised, %) ROAE excluding Agrobanka = % H: ROAE excluding Development Bank of Vojvodina =.% ROAE excluding Nova Agrobanka =.% ROAE excluding Privredna Banka = -.% - ROAE (cumulative, annualised, %) - - ROAE (cumulative, annualised, %) ROAE (cumulative, annualised, %) ROAE (cumulative, annualised, %) - - NBG - Economic Analysis Department South Eastern Europe and Mediterranean Emerging Economies Quarterly Chartbook Q: