Countries Overview
Albania
The economy grew by 4% in 2024, driven by robust domestic and external demand, particularly for export services. Foreign direct investment remained buoyant, and...
Belarus
In 2024, Belarusian GDP grew by 4.0%, driven by strong domestic demand, particularly household consumption, amid labour shortages and rising wages. However, ...
Bosnia and Herzegovina
Economic activity picked up by 2.5% last year, driven largely by stronger consumer spending on the back of declining inflation and higher real wages. Growth is ...
Bulgaria
A fragile minority government, still grappling with contested election results, must implement key reforms if it is to unlock EU funding and advance the ...
Croatia
Croatia’s GDP growth reached 3.8% in 2024, helped along by the inflow of EU funds, its 2023 accession to the euro area and its membership of the EU’s ...
Czechia
Czechia’s economy grew by 1.1% in 2024, driven by private and public consumption; meanwhile investment and industry remained weak. Inflation stabilised at ...
Estonia
Estonia’s economy is gradually recovering, thanks to improving exports, enhanced competitiveness, a revival of the manufacturing sector and a recovery in FDI ...
Hungary
Hungary achieved modest GDP growth last year, driven by household consumption; meanwhile there was a steep decline in investment. The data for early 2025 are ...
Kazakhstan
With projected growth of above 4.5% over the forecast period, Kazakhstan is likely to maintain its leading position in CESEE. Investment growth will be backed ...
Kosovo
The economy expanded by 4.5% last year, but growth may slow in response to the downside risks arising from both the domestic and the international political ...
Latvia
A slump in investment and export activity resulted in a recession of 0.4% last year. We expect a better showing in 2025, with growth of 1.7%. We anticipate a ...
Lithuania
The economy performed better than expected in Q4 2024, resulting in GDP ultimately increasing by 2.7% in 2004. Thanks to a fall in inflation last year, real ...
Moldova
Owing to a severe drought, Moldova’s economy stagnated in 2024, though investment and household consumption remained strong. An energy crisis in early 2025, ...
Montenegro
Montenegro enters 2025 facing a complex economic landscape. GDP growth is projected to remain at around 3%, driven by domestic demand and a rebound in ...
North Macedonia
With the spectre of a global trade war looming, domestic policy makers appear to be taking all the wrong turns. Their refusal to support wage growth risks ...
Poland
Poland’s economy has demonstrated solid growth, with GDP growing by 2.9% in 2024. This performance was largely driven by robust public and private ...
Romania
Economic growth is expected to reach 1.6% in 2025 – up from 0.9% in 2024. Improving external balance and better agricultural output may help, but geopolitical...
Russia
After two years of overheating, the economy is set to cool markedly this year, reflecting primarily the very tight monetary conditions. The abrupt rapprochement...
Serbia
Everything in Serbia this year revolves around the massive student protests, now in their fifth month. While they are currently weighing on economic activity, ...
Slovakia
Domestic and external factors alike will constrain Slovakia’s growth over the next two years: it is expected to slow from 2% in 2024 to 1.7% in 2025, before ...
Slovenia
Slovenia’s economy is projected to grow by 2.2% in 2025, mainly due to strong private consumption and government spending on infrastructure, supported by EU ...
Turkey
The economy emerged from its technical recession in Q4 2024, with GDP growing by 1.7% quarter on quarter. This recovery was largely driven by a surge in ...
Ukraine
Ukraine’s GDP growth in 2024 slowed to about 3.5% year on year – mainly due to Russia’s missile attacks on its infrastructure and the labour shortages in ...