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Emerging Markets Special Focus Reports

15 February 2013
• The consolidated general government deficit ended 6.6% of projected GDP in 2012 vs. 5% of GDP in 2011
• The achievement of the fiscal target in 2013 will be a challenging task • Inflation climbed to 12.2% yoy in December, significantly above the NBS target range (4.5% +/-1.5%) in a very volatile year
• NBS hiked interest rates by 25bps to 11.75% bringing the cumulative hikes to 225bps since the beginning of the tightening cycle
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