EM Macro and Politics Sep 3
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EM Macro and Politics Sep 3

Albania - PM Rama presents third SP cabinet, it remains largely similar to previous
• Female-dominated cabinet to be in charge of the country for next four years
• New parliament to hold its first session on Sep 10

Georgia - CPI inflation speeds up to 12.8% y/y in August on expensive food, energy
• This is highest since spring 2011
• Prices up 0.7% m/m

Turkey - CPI inflation rises to 19.25% y/y in August, exceeds forecasts
• Inflation exceeds policy rate of 19.0%, rate hike unlikely despite MPC's earlier promise of positive real interest rate
• Food inflation rises to 29.0% y/y, explains most of headline inflation increase
• Core goods inflation slows down due mainly to auto price cuts
• Services inflation edges up, energy inflation eases

Morocco - Morocco's foreign trade deficit widens 17.9% y/y in Jan-Jul
• Both exports and imports continue to recover from lows last year
• Automotive and phosphates underpin exports but growth is broad-based
• Recovery in domestic demand is pushing imports higher
• Travel receipts remain downbeat, while remittances soar so far this year

Chile - Fiscal deficit rises to 3.9% of GDP in Jan-Jul
• July sees record deficit of 1.5pps of GDP, pressure will remain as high in coming months
• Spending jumps 59.7% y/y against high base due to IFE program expansion
• Revenues grow 21.8% driven by copper-related income
• FinMin's deficit forecast of 7.1% of GDP looks low despite GDP overperformance

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Created: 03/09/2021
Date of publication: 03/09/2021