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CEE GDP, Turkey fiscal stimulus & Russian tainted oil

An impressive batch of GDP data from Central and Eastern Europe, released this week, added to the evidence that strong domestic demand is offsetting external weakness. Elsewhere, Turkey’s budget deficit widened further in April, raising concerns that fresh fiscal stimulus will fuel a build-up of economic imbalances. Problems with contamination in Russia’s oil sector have lingered on, but (for now at least) the macroeconomic impact should be negligible.

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