What's happening in Black Sea? - January & February, 2016

Bulgaria

• According to the Corruption Perceptions Index of Transparency International, Bulgaria ranked 69th in 2015, which was same for the previous year. The country is the most corrupt country among the member states of the European Union.
• Bulgarian Finance Minister Bulgaria expressed that the country ended 2015 with a budget deficit of BGN 2.47 billion, equivalent to 2.9% of the country's GDP. It was 3.7% of GDP for the previous year. 
• The World Bank modified its forecast for Bulgaria’s economic growth as 2.2% increase in 2016.
• According to the Central Bank of Bulgaria, 11% of Bulgaria’s GDP will be formed by information and communications technology (ICT) industry in 2016.
• Bulgarian Union of International Carriers told in a local newspaper that the protests of Greek farmers which started in the third week of January costed more than € 10 million for Bulgarian business. 
• Bulgaria ranked 60th based on the Index of Economic Freedom, published annually by The Wall Street Journal.
• The European Commission forecasted Bulgarian economy to grow by 1.5% in 2016 and 2% in 2017.

Georgia

• National Statistics of Georgia estimated that Georgia's gross domestic product (GDP) to grow by 2.8% in 2015, better than the forecast of European Bank for Reconstruction and Development (EBRD) as 2.3%. 
• EBRD considers to offer € 2.2 million to Georgia to modernize the sewage systems in Kobuleti town. 
• Bloomberg declared its forecast for Georgia’s economy to grow by 3% in 2016.
• The World Bank announced that Georgia’s economy is expected to grow by 3% and 4.5% in 2016 and 2017, respectively.
• With the agreement signed by the Georgian Ministry of Finance and World Bank, International Bank for Reconstruction and Development (IBRD) will give $ 140 million for funding 8.3 km-long construction of Zemo Osiauri-Chumateleti road section.
• According to Georgia's Economy and Sustainable Development Ministry, a U.S.-Georgian consortium will invest around $ 2.5 billion in Georgia to build and develop a deep-sea port in Anaklia on Georgia's Black Sea coast. 

Greece

• Piraeus Bank, Greece's largest lender, has sacked the bank's chief executive Anthimos Thomopoulos due to failure to complete € 1.4 billion capital raising. 
• Standard & Poor's upgraded Greece's credit rating to B- after positive slight developments in the economy. 
• Eldorado Gold, Canadian mining company, plans to shut down its gold mine operations at Skouires with cutting 600 jobs. The company mentioned that they will be firing 500 more workers in the upcoming months in 2016. 

Romania

• Fitch Ratings confirmed Romania's investment grade at BBB- and BBB level for the the long term and the local currency, respectively. 
• The shopping center Mercur Craiova, owned by local investment fund SIF Oltenia, is planning to invest around € 10 million in 20.000 m2.
• Sonaca, Belgian aircraft parts manufacturer, plans to build a new facility in Romania with the help of an $ 8.5 million aid from EBRD. 
• Romanian real estate trade volume in 2015 recorded as € 644 million, 45% lower than 2014, putting the country in 5th position in Central and East Europe Region.
• According to Economist, Romanian economy is expected to grow by 3.9% in 2016, as the highest in Europe.
• The World Bank improved Romania’s economic growth forecast to 3.9% and 4.1% for 2016 and 2017, respectively.
• The Romanian National Bank expressed that the foreign exchange reserves amounted to € 32.24 billion at the end of 2015.
• According to Romania’s National Bank, the foreign direct investments in Romania reached to almost € 3 billion in 2015, the best performance after 2009.
• ALB Romania, leasing association in the country, declared that the financial leasing market increased by 15% to € 1.6 billion in 2015. The car financing formed 76% of the total, while equipment financing took 20% and real estate sector with 2.7% 
• Romanian National Statistics Institute announced that the country’s economy grew by 3.7% in 2015, which is the highest growth rate since 2008.
• The European Investment Bank (EIB) declared that the Bank loaned € 228 million in Romania 2015. The Bank’s total loan to Romania in the last five years reached to € 2.6 billion.
• Vast Resources, the British mining company, announced that the company invested over € 4.5 million in Romania last year for two mines located in Bihor and Suceava counties.
• Romanian National Statistics Institute mentioned that Romania’s industry had 1.3 million employees in 2014, which was 300.000 less than the previous analyze in 2008.

Russia

• Due to the low oil price and international sanctions, Russia's economy shrank by 3.7% in 2015. 
• According to the United Nations (UN) World Investment Report for 2015, foreign direct investments in Russia decreased by 92% in 2015, even though it increased with 36% for around the globe.
• The International Monetary Fund (IMF) announced its expectation for Russian economy as 1% contraction in 2016.

Turkey

• SOCAR Turkey Energy, Azerbaijani SOCAR’s Turkey based company, expressed that Baku-Tblisi-Kars railway project will attract new investments in all three countries. 
• After JP Morgan Cazenove’s Central and Eastern Europe, Middle East and North Africa (CEEMEA) strategy report on crucial transactions, JP Morgan increased Turkey’s investment note from “neutral” to “overweight”. 
• According to the Prime Ministry Investment Support and Promotion Agency (ISPAT), direct international investment in Turkey rose by 32% in 2015, amounting to $16.6 billion. The three countries with the highest net investments in Turkey were Spain, the United States and Luxembourg, followed by the Netherlands, Azerbaijan, Belgium, Russia, the United Kingdom, China and Germany.

Ukraine

• Naftogaz of Ukraine refused to pay the bill reaching to $ 2.59 billion to Gazprom, Russian gas company due to the company's announcement for that case as illegal. 
• In 2015, the EBRD agreed total of 30 investment projects in Ukraine reaching € 1 billion. Projects mainly cover natural resources, agribusiness and financial sectors. 
• Cargill announced that the company plans to invest $ 100 million in an Ukrainian port in order to build a grain terminal on Black Sea. 
• Ukrainian Ministry of Economic Development expressed that the country’s GDP decreased by 10.4% in 2015. 
• According to Ukrainian media report referring to the Saudi newspaper Al-Watan, Saudi businessmen plan to invest around $ 10.5 billion into Ukraine’s agricultural industry.