Eduard Tolev

The Czech economy grew by 0.3% qoq in 1Q24. This was a downward revision from the 0.5% qoq growth initially reported in the advance GDP estimate. Nevertheless, economic activity recovered at the turn of the year, with GDP growing by 0.4% qoq in 4Q23. On a yoy basis, economic growth stagnated at 0.2% in 1Q24. Compared to the pre-pandemic level of 4Q19, however, the economy was still 0.7% lower. Quarterly economic growth was boosted by household consumption, while fixed investment dropped sharply. Growth in household consumption accelerated from 0.5% qoq in 4Q23 to 1.0% qoq in 1Q24. However, it was still 7.3% below the pre-pandemic level. In terms of structure, the qoq increase in household spending was mainly due to purchases of non-durable goods (+6.7%), followed by semi-durable (+3.1%) and durable goods (+0.9%). The 2.6% qoq decline in spending on services is then surprising in the context of the rapid growth in sales of services in 1Q. Overall, the trend in household consumption confirms our expectation of a sustained recovery in domestic demand. The resumption of real wage growth, together with the easing of high inflation and improved consumer sentiment, are contributing factors. The high level of accumulated savings should also support household spending. Government consumption continued to grow rapidly (+1.0% qoq in 1Q). Fixed investment, on the other hand, fell sharply by 7.9% qoq in 1Q. This is the largest decline in the entire time series available since 1996. The structure of fixed investment shows that around half of this drop was due to lower investment in the category ICT, other machinery and equipment and weapons systems. A large negative contribution was also made by investment in other buildings and structures, which tends to reflect developments in government investment in infrastructure. This suggests that both private and public investment may have fallen. Investment was lower qoq in all categories except for investment in dwellings, which rose for the second-consecutive quarter. More in #KBreport from Komerční banka 👇 or here: https://lnkd.in/eZxXtMkE. #economics #gdp #economy #consumption #investment #exports #inventories #wages #inflation #industry #trade #services #data #forecasts #financialmarkets #czechia

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Intesa Sanpaolo successfully completes the acquisition of First Bank in Romania from J.C. Flowers & Co., more than doubling its presence in the country to become one of Romania’s top 10 banks; the Group has operated in the country through Intesa Sanpaolo Bank Romania since 1996. Both First Bank and Intesa Sanpaolo Bank Romania are part of the Group's International Subsidiary Banks Division, which plays a key role in Central & Eastern Europe. This expanded presence not only enhances banking services but also aims to catalyze economic development, support businesses, and offer global products and services. As Italy’s leading bank, Intesa Sanpaolo strengthens its ties with Romania, home to many key Italian firms. Its robust financial performance drives value for stakeholders and underscores the Group’s commitment to ESG, with a leading position in social impact and climate focus. #IntesaSanpaolo #FirstBank #Romania #Banking #EconomicDevelopment #ESG #Italy https://ow.ly/Xbh030sCYhV

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Digital power with a twist of human touch in a rapidly changing banking landscape. That's the challenge I will address in this Forum.

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Balancing Time Between All Aspects of Life: Work, Family, Friends, and CommunityIn our fast-paced world, finding balance between work, family, friends, and community can be challenging but essential for a fulfilling life. 🌟Here are a few strategies I’ve found helpful in achieving this balance: 1. Prioritize Ruthlessly: Identify what truly matters and allocate your time accordingly. Not everything is urgent; focus on what aligns with your core values. 2. Set Boundaries: Clearly define work hours and personal time. Communicate these boundaries to colleagues and loved ones to ensure respect and understanding. 3. Embrace Flexibility: Life is unpredictable. Be adaptable in your approach, allowing room for unexpected events or changes in priorities. 4. Make Time for Self-Care: Your well-being is crucial. Regular exercise, hobbies, and downtime help maintain your energy and mental clarity. 5. Engage with Your Community: Volunteer or participate in local events. Building strong community ties enriches your social life and provides a sense of belonging.Balancing these aspects doesn’t mean giving equal time to each; it’s about finding a harmonious rhythm that works for you. What strategies do you use to maintain balance in your life? #WorkLifeBalance #Leadership #TimeManagement #CommunityEngagement #ExecutiveConsulting WOW! AI is a powerful tool. Paul Carney can help you get started on your AI journey 🤯 https://lnkd.in/emxxFr5e

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StateAidAcademy: GDP in Romania reached new peaks, EUR 320 billion. Investors talk about Romania as being the new European tiger, with a potential of doubling the GDP before 2050. The GDP figure communicated by the National Bank is confirmed by the number and magnitude of investors we at Noerr approached over the last years and the fact that state aid budgets are already not enough to cover the apetite of investors. ☀️ in Romania #StateAidAcademy #DoingbusinessinRomania #Noerr

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Still no plans for Monday afternoon/evening? Are you interested in job in the BIG 4, but do you have questions for which it is not possible to google the answers? Come and meet people from Audit, ACR and HUB, ask questions and things that interest you, find out about open positions and meet great people and have a drink and something good to eat with us. More information in the link

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📺Catch the action tomorrow at 8:00 AM on Bloomberg TV Bulgaria! Anton Panayotov and Hristo Nikolov will dive into the hot topics on Business Start: Will the Iran-Israel conflict impact your portfolio?📈 They'll explore how Wall Street reacts, which stocks are most at risk, and the ripple effect on oil prices and gold. Plus, they'll discuss the hunt for safe-haven assets and the potential impact on the Fed and ECB decisions. Tune in!

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Romania| Comment - Flash 1Q24 GDP growth in line with our expectations We have just released our instant comment on GDP growth in 1Q24. Romanian economy expanded by +0.5% q/q and +0.1% y/y in first quarter of 2024. The quarterly evolution is in line with our expectations, which were situated at +0.4% q/q and below Bloomberg median which was at +0.9% q/q. The annual figure came even lower than we expected considering our +0.6% y/y forecast was the lowest among the Bloomberg survey respondents and the consensus was at +2.7% We stick to our call of +2.6% GDP growth in 2024, in the light of the recent data. The private consumption momentum started in 4Q23 is expected to continue throughout 2024, as strong real wage growth, looser monetary policy conditions and slightly better external demand prospects should nurture higher private spending. We also expect the gross fixed capital formation contribution to remain significant in 2024, supported by inflows of EU funds and continued state investments into infrastructure. Interested in our research? sign-up: https://lnkd.in/deRqm7hs #Romania #CEE #growth

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InterCapital Asset Management views on Romanian 5 to 10 year bonds. Hint: they are bullish, hence they launched RO Gov Bond ETF! My colleagues from ICAM listed last week GROM (Gov ROM) ETF on Zagreb Stock Exchange exchange. Of course, they plan to list it on Bucharest Stock Exchange / Bursa de Valori Bucuresti (BVB) soon as well. Why RO Gov Bond ETF? Well, if you check RO 10Y EUR spread, currently it is around 300 bps. For comparison, Croatia is around 100 bps and Slovenia is even less! Of course, Croatia & Slovenia both currently have better credit rating than Romania according to S&P, but since RO public debt/GDP ratio is 49% (and it has a very lively & growing local economy); one could expect improvement in the rating & decrease in the spread (which would equal capital gain on RO GOV Bonds) in the future. Same thing happened in Croatia between 2015 and 2024 (when we moved from BB to BBB+ & spread fell from 450 bps in 2015 to 100 in 2024). This is all pretty technical for readers/investors who are not experienced in Fixed Income investing but the point of the story and ICAMs thinking is that improving local economy in RO will result in improving credit rating & potentially, increase in prices of local bonds. Since 7GROM ETF holds 5 to 10 Year bonds, they project c 2% average yearly capital gain in the same period in addition to what these bonds are yielding. All in all, they expect/project 6 to 7% yearly net return in the next 5 years. This positions it somewhere between CASH ETF/T-bills & stocks/equity ETF; both in terms of expected returns & risk connected to the instrument. Keep in mind that bonds are traded instruments so prices (and ETFs NAV) can vary. Mark to market is a pain in the a… PS: The expectations I summarized are based on projections & past experience. It would be interesting to hear if some Romanian experts can give their input/views 😊 After all, ICAM might be wrong with their projections, and you have to decide yourselves if this ETF is a good investment for you or not.

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Yesterday was #NationalSplurgeDay! 🎉 And we want to know, do you incorporate splurges into your budget? At Sofia Financial, we’re curious if you treat yourself. Do you splurge? ​ A. Yes, of course I do! B. No, I don’t.  C. Other (Share your own unique answer) ​ Comment and share your thoughts! Let's share without judgment and learn from each other💖 ​ #SmartSpending #WomenOver50 #FinancialWellness #TreatYourself #SofiaFinancial

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Facing talent acquisition challenges? You're not alone. In today's competitive landscape, finding the right talent can be tough – especially when it comes to hiring in Romania. at Zip Connect, we're here to simplify the process. Our personalized leasing services connect you with top-tier talent, overcoming the hurdles of talent acquisition and making hiring in Romania an easy way to go. Let's fix these challenges together! . #ITRecruitment #TechTalent #ITJobs #TechHiring #SoftwareDevelopment #ITProfessionals #ITCareers #TechIndustry #DigitalTalent #CodingLife #DeveloperCommunity #ITConsulting #TechSkills #ProgrammingLife #ITProjects #SoftwareEngineers #TechJobAlert #TechRecruitment #TechLeadership #ITOutsourcing

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"I had a real blast with this interview for @economy.bg, which prompted me to reflect on my entire career trajectory. I began as an editor within one of the esteemed pillars of business media, but then suddenly pivoted in a completely different direction. I have since traversed over two decades in the banking sector (with a distinguished 7-year stint at tbi bank). What a dynamic life it has been! Along the way, I've encountered many clichés, such as the notion that the IT sector is male-dominated. However, I explain it to myself like this - they simply exhibit more interest in the technological field than women do. One specific observation I've made is that, especially in the field of data, the meticulous attention to detail that characterizes us women can be an asset, which male colleagues may need years to develop. 🙃 If you are interested in delving into more details, you can follow the link below. 👇 #career #tbi #IT #women   https://lnkd.in/desw9_-3

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Exciting news! Mastercard Bank of the Year, the competition that celebrates the remarkable achievements in Romania’s financial sector, supported by Wall-Street.ro, is back!   Banking and non-banking financial institutions, as well as fintech companies, are invited to register for the 6th edition until May 9, 2024. With 16 diverse categories, including new additions like "Best Savings Product" and "The Financial Institution Most Prompt in Solving Customer Requests," there's something for every institution to showcase their proficiency. Additionally, everyone can vote the “Most Popular Bank of the Year” at: https://lnkd.in/dJjR_rBZ   Join us in celebrating innovation, leadership, and customer-centricity in the financial-banking sector. More details are available at https://lnkd.in/dNeC8BVP. Looking forward to another year of recognizing and rewarding excellence in the industry! #BankOfTheYear #MastercardEmployee

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