- Public administration reform brought about only limited changes.
- Real GDP growth slowed to 3.4% yoy in the third quarter of 2010 due to change in net exports.
- Grain export quotas were extended until March.
- Financial account surplus was only USD 0.3 bn as demand for foreign cash continued in November.
- The State Budget Law for 2011 was approved with a central fiscal deficit at 3.1% of GDP.
- Social standards will be increased in line with officially projected inflation in 2011.
- Total central fiscal transfer to the Pension Fund is expected to remain high at 18.1% of fiscal expenditures in 2011.
- Consumer inflation was 9.1% yoy in December due to limited consumer demand and government actions.
- In December demand for cash foreign currency was at its highest level since September 2008.
- HIGHLIGHT OF THE MONTH: 2010