Latest macro & market developments (November 18, 2011) | Eurobank
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Latest macro & market developments (November 18, 2011)

• 2012 budget plan: updated deficit target for 2011 at -9.0% of GDP; 2012 deficit target at –5.4% of GDP after PSI
• Greek GDP Q3:2011 flash estimate: Non-seasonally adjusted real GDP contracted by -5.2%YoY in Q3:2011, higher than the Q2:2011 figure of -7.4%YoY
• Preliminary budget execution data for year-to-October 2011 undershoot the 10-month MTFS target for 2011
• General Government arrears for year-to-September 2011 at €6.49bn or 2.7% of GDP; upwards risk for the 2011 budget deficit target of 8.5% of GDP
• Unemployment rate in August 2011 at 18.4%, higher than July’s reading of 16.5%
• CPI rate in October 2011 at 3.0%, slightly lower than September’s reading of 3.1%