Countries Overview

Albania

Strong investment in energy infrastructure will keep real GDP growth at around 4% in 2017 and during the remainder of the forecast period. These investments are...

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Belarus

GDP in Belarus grew by 1% in the first half of 2017, thanks to the economic upturn in Russia and the settling of the gas dispute between the two countries. The ...

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Bosnia and Herzegovina

The economy lost momentum in the second quarter, although overall it is likely to post growth of around 3% this year. Growth should pick up even further in the ...

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Bulgaria

Bulgaria’s broad-based economic upturn has continued, with positive output growth across all sectors of economic activity. The pattern of growth has switched ...

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Croatia

Croatia’s economy continues on its path of recovery, with annual GDP growth of up to 3% in the period 2017-2019. Household consumption will remain the main ...

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Czech Republic

Demand, profitability and indebtedness conditions are conducive to rapid, broad-based growth. The emerging labour shortages support a faster rise in wages, yet ...

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Estonia

Investment activity in both the private and the public sector picked up more strongly than expected, pushing GDP growth upwards in both 2017 and 2018. Meanwhile...

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Hungary

Economic growth has accelerated compared to the previous year. The main drivers are investment and household consumption. The foreign trade balance started to ...

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Kazakhstan

Strong industry performance accounts for a speeding-up of economic growth in 2017. The oil sector is benefiting from output expansion, higher prices and ...

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Kosovo

The new government has a tiny majority and is made up of a diverse set of parties, meaning that significant reform will be difficult. However, the economy is ...

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Latvia

Our GDP growth forecast for 2017 has been increased to 4.2%. Private and (particularly) public investment activity is expanding faster than expected. The inflow...

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Lithuania

In 2017, economic growth in Lithuania is being driven by a resurgence in external demand, particularly from the CIS, and also for oil products. Moreover, strong...

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Macedonia

This year’s disappointing growth of at most 2% is due to the prolonged political crisis. Medium-term prospects have improved, though they are dependent on the...

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Montenegro

In the medium term, growth should return to somewhere above 3%. Improved prospects in the EU and in Russia are supportive of the growth of tourism, which should...

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Poland

Strong consumption-driven growth has been propelled by rising wages and employment. Economic conditions are conducive to a recovery in investment activities, ...

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Romania

Economic growth in Romania is expected to climb to 5.7% in 2017 and to subside to 4.5% in the following two years. Household demand has boomed and investments ...

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Russia

The Russian economy is growing again. The inflation target of 4% has been met and the rouble is appreciating. Yet the expected GDP growth will remain below 2% ...

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Serbia

If there is no sustained recovery of investments, which stand at just around 18% of GDP now, growth cannot speed up too much in the medium term. It should rise ...

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Slovakia

Slovakia experienced solid growth of 3.2% in the first half of 2017, backed by accelerating household consumption. While investment was still down, it is ...

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Slovenia

Annual GDP growth will reach close to 4% during the period 2017-2019. Exports, the recovery of investments spurred by EU funding and steady consumption growth ...

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Turkey

The economy is growing strongly, thanks to both government-driven stimulus and robust foreign demand. However, continued political noise – both at home and ...

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Ukraine

Economic recovery continues largely unabated, as the negative shock to industrial production and exports from the ban on trade with Donbas has been offset by ...

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