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2 Model specification ............................................................................................................... 14 3. EMPIRICAL RESULTS .............................................................................................................. 18 3.1. Descriptive statistics and analysis of model results ............................................................. 18 3.2. Economic interpretation of results........................................................................................ 28

1.01.18 1.02.18 1.01.17 1.01.18 1.02.18 1.01.17 1.01.18 1.02.18 1.

2. March PMI: business activity upturn in manufacturing, moderate optimism in services _____________________________________________________________ 18 1.2.3. First quarter balance of payments: a strong current account

non-financial organisations increased by 5.9% while loans to households surged by 18.7%. Banking sector profits earned in the January to October 2018 period

1.2.5. Nominal wage growth will marginally outpace inflation in 2019 ______________ 18 1.2.6. Retail lending expansion gradually loses momentum _____________________ 21 1.2.

2025 — 18.25 — — 09.06.2025 — 20.25 — — 28.10.2024 — 21.25 — — 16.09.2024 — 19.25 — — 29.07.2024 — 18.25 — — 18.12.

1 Net private capital outflow amounted billion. Banks’ foreign liabilities grew by $18.1 to $57.8 billion in January-September 2012, billion on a net

10,7 19,2 18,1 18,1 18,3 18,2 Problem 17,8 17,8 20,0 19,3 18,9 44,7