Budget surplus quite likely in 2019, public debt to drop below 50% of GD
Serbia is quite likely to have a budget surplus in 2019 as well and the public debt will drop below 50 pct of GDP, Fiscal Council member Vladimir Vuckovic said Friday. However, certain things require attention, Vuckovic said at the Council's meeting with the Serbian Association of Managers. "At the end of last year and in the first quarter of this year, we had a deterioration of the dynamics of imports and exports, and imports grew faster than exports did. The deficit in the current balance is around 20 pct higher in the first quarter of this year compared to the same period last year," he explained. Speaking about the budget surplus, he said it had been at around 1 pct over the past two years and that this year, too, had begun at a similar pace.
EU commends adequacy of Serbian monetary policy
The National Bank of Serbia (NBS) monetary policy was pursued adequately and consistent with the achievement of the inflation target in 2018 as well, it was said at Friday's annual meeting of EU member states, the Western Balkans and Turkey and the European Commission and the European Central Bank. Serbia was represented by NBS Governor Jorgovanka Tabakovic and Finance Minister Sinisa Mali, the NBS said in a statement. "Inflationary pressures are low and the central bank pursues its monetary policy consistent with the achievement of the inflation target," which was also a recommendation issued to all countries within last year’s Dialogue, it was said at the meeting - a part of the Economic and Financial Dialogue.
Construction of TurkStream gas pipeline through Serbia begins
The construction of the 403-km Serbian section of the TurkStream gas pipeline has begun, and all the works should be completed by December 18, Vecernje Novosti reports. Permits for preparatory works on sections 1, 2 and 3 have been issued and those three parts of the gas supply system amount to 300 kilometers in length. The first section stretches from the Bulgarian border to Cuprija, the second one from Cuprija to the Danube and the third one from the Danube to Zrenjanin. The fourth section goes from Gospodjinci to Subotica.
Stocks fall following a sell-off in the final hour on news US-China trade talks have stalled; Europe stocks close lower as trade fears linger
Stocks closed lower on Friday after CNBC reported that trade talks between China and the U.S. have stalled. The Dow Jones Industrial Average ended the day down 98.68 points at 25,764 while the S&P 500 fell 0.6% to 2,859.53. The Nasdaq Composite was down 1% at 7,816.28. It was also the fourth straight weekly drop for the Dow. Sources told CNBC’s Kayla Tausche that scheduling discussions for further trade talks have been put on hold since the Trump administration has increased scrutiny of Chinese telecom companies. A U.S. delegation had been invited to Beijing earlier this week.
Deere shares fell more than 7.5% after reporting weaker-than-expected earnings. The company cited the ongoing trade war for their disappointing results.
European stocks traded lower Friday as trade fears ratcheted up, while Brexit talks between the U.K. Conservative government and main opposition Labour Party broke down. The pan-European STOXX 600 was down 0.34% in trade, autos leading the losses with a fall just shy of 1%. The notable contributor to auto losses was BMW, which saw its shares slip 5.2%.