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 ...

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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 ...

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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 ...

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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...

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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 ...

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Czechia

The economy struggled during the second half of 2023, owing primarily to weaker export performance as the German economy stuttered. Survey data indicate ...

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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...

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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 ...

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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 ...

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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 ...

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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...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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Romania

Economic growth suffered a severe setback in 2023 on account of depressed domestic demand, stubborn inflation, sluggish external demand and public-sector wage ...

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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 ...

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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 ...

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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 ...

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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 ...

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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,...

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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...

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