Countries Overview
Albania
Economic growth in 2023 is estimated to have been 3.5%, supported by strong government and household consumption, as well as gross fixed capital formation. The ...
Belarus
In 2023, GDP grew by close to 4%, thereby almost totally recouping the losses incurred the previous year as a result of Western sanctions. This recovery was ...
Bosnia and Herzegovina
Inflation has slowed considerably – from 14.1% in January 2023 to 1.7% in November; for the year as a whole, it is estimated to have averaged 6.2%. Its rapid ...
Bulgaria
The economy lost steam throughout 2023, so that annual GDP growth is expected to come in at below 2%. The external environment worsened considerably, due to the...
Croatia
Despite high levels of inflation (averaging 8.4%), Croatia’s GDP grew by 2.5% in 2023. Solid household consumption amid rising real wages, a robust summer ...
Czechia
The economy struggled during the second half of 2023, owing primarily to weaker export performance as the German economy stuttered. Survey data indicate ...
Estonia
The economy performed at well below expectations last year, contracting by an estimated 2.8%. The reasons for this included a decline in manufacturing output, a...
Hungary
Following the election-related overheated growth of 2022, the economy experienced a hard landing in 2023 and entered a period of recession. The falling cost of ...
Kazakhstan
Notwithstanding a fall in global oil prices of 18% year on year in 2023, Kazakhstan ended the year with estimated GDP growth of 4.9%, making it one of the ...
Kosovo
In 2023, domestic demand was the main driver of the economy, which grew by 3.2%. External demand was moderate and will remain weak in 2024. Consumer price ...
Latvia
Shrinking external demand resulted in GDP declining both in the second half of 2023 and for the year as a whole. Looking ahead, in 2024 the economy will recover...
Lithuania
In the second half of 2023, the Lithuanian economy was hit harder than expected by declining external demand from its main trading partners. This resulted in a ...
Moldova
Economic growth resumed from Q3 2023 and is expected to remain fairly upbeat over the coming years. Sharp disinflation has helped household consumption to ...
Montenegro
Inflation has fallen significantly, but at over 4% was still relatively high at the end of 2023. The big influx into Montenegro of refugees from Ukraine and of ...
North Macedonia
Inflation came down faster than expected, falling to below 4% at the end of 2023. Our new projection is that it will average 3.5% in 2024 – significantly ...
Poland
After the shallow recession recorded in the first half of 2023, output growth resumed in Q3 (+0.5% year on year) and accelerated further in Q4 (to an estimated ...
Romania
Economic growth suffered a severe setback in 2023 on account of depressed domestic demand, stubborn inflation, sluggish external demand and public-sector wage ...
Russia
Last year, the economy grew by an estimated 3.5%, following a slump of 1.2% in 2022 (according to newly revised data). The economy proved resilient to Western ...
Serbia
The rate of inflation has slowed, but only gradually: it remained close to double digits at the end of 2023 – one of the highest figures in CESEE. Real wages ...
Slovakia
After reaching 1.8% in 2022, real GDP growth slowed in 2023. This was on account of households spending less, limited as they were by declining real wages and ...
Slovenia
This year should see a return to normality for Slovenia, following the traumatic floods of 2023. As inflation recedes, so consumer confidence and manufacturing ...
Turkey
Although economic growth exceeded expectations in 2023 (with quarterly growth of 3.9% and 5.9% in Q2 and Q3), driven by both government and private consumption,...
Ukraine
Economic growth in 2023 exceeded expectations to reach an estimated 5.5%. After Russia withdrew from the Black Sea Grain Initiative in mid-2023, Ukraine managed...