TBC Capital published Weekly Update From The Chief Economist. As of the document, December net trade in goods, tourism and remittance inflows improved further, notable this time not only when adjusted for the seasonality.
Accoridng to TBC Capital, together with the strong growth of exports, though not on the back of real domestic one, tourism inflows, including the migration impact, reached all-time highs or 167% of the same month 2019 level.
"As for the remittances, after the relevant adjustments, the latest trend was broadly unchanged. This once again is an indication of solid economic activity in 2023 in turn raising questions on the envisaged moderation in inflation, especially on the domestic side and the rate cut path. At the same time, various price indices released in December still indicate an expected further cooling of at least headline consumer inflation. Furthermore, the credit growth has weakened further with 2% YoY growth rate in real terms", - TBC Capital report reads.
