Countries Overview

Albania

The Albanian economy will continue on its positive trajectory, though at a pace slower than in 2022. Growth will be backed by private consumption, investment ...

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Belarus

After plummeting in 2022, the economy has shown some sign of adjusting, thanks to the further opening up of Russia’s markets to Belarussian products. Things ...

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Bosnia and Herzegovina

Inflation has reverted to single digits for the first time since the beginning of 2022. Consequently, we have revised our inflation forecast for 2023 downward ...

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Bulgaria

The political horse-trading after the April elections resulted in a government supported by two main parties (GERB and ‘We Continue the Change’) – which, ...

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Croatia

Croatia is hoping to take full advantage of its 2023 accession to the euro area and the Schengen area. The Tourism Ministry reports that total income from ...

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Czechia

Against the previous quarter, the Czech economy in Q1 remained static, while year on year it contracted slightly (-0.4%). Household consumption and inventories ...

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Estonia

Q1 2023 saw an economic decline of 0.6% quarter on quarter – smaller than expected, given the major dip in consumption. The downturn in economic activity was ...

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Hungary

GDP fell by 1% in Q1 2023 – largely the result of a decline in industry and construction; meanwhile services saw a slight growth. Consumption and investment ...

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Kazakhstan

The economy started off 2023 better than expected, with GDP growth of 4.9% year on year in Q1, driven by construction, trade, transport, communication and ...

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Kosovo

Growth in 2023 is expected to reach 3.4% on the back of higher domestic and external demand; however, downside risks predominate, due to the political tension ...

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Latvia

Thanks to somewhat better economic developments in the first months of the year, we have revised our GDP growth forecast for 2023 upwards, to 0.8%. While ...

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Lithuania

In early 2023, the Lithuanian economy performed worse than had previously been expected. In the first three months of the year, household consumption declined ...

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Moldova

In 2023, Moldova will emerge slowly from the difficulties that in 2022 brought economic contraction: the energy crisis, soaring inflation and a drop in ...

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Montenegro

In Q1 2023 Montenegro posted another impressive growth rate of 6.1% year on year. The number of tourists increased by around 60% year on year in the first four ...

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North Macedonia

GDP growth exceeded expectations in Q1, reaching 2.1% year on year. However, it is uncertain whether the good news will continue: that growth was driven ...

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Poland

GDP growth turned negative (-0.2%) in Q1 2023, primarily on account of sharply reduced inventories and private consumption. A strong decline in imports, coupled...

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Romania

Economic growth slowed to 2.3% in Q1 2023. Household consumption and public investment were both buoyant, while the depletion of inventories applied a powerful ...

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Russia

The economy has, by and large, adjusted to last year’s multiple shocks caused by the war, sanctions and the withdrawal of many foreign firms. After falling by...

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Serbia

Inflation has begun to decelerate, but much more slowly than elsewhere in the Western Balkans, owing to the government’s decision to raise the price of ...

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Slovakia

Compared to its annual GDP growth of 1.7% in 2022, Slovakia’s performance in early 2023 was weak: GDP grew by only 1% year on year in Q1. This was driven by ...

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Slovenia

Our expectations for 2023 remain fairly optimistic: we forecast real GDP to grow by 1.4%, outstripping most EU-CEE countries. While there are worrying signs in ...

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Turkey

The May elections secured President Erdoğan another term in office. The appointment of market-friendly policy makers to the finance ministry and the central ...

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Ukraine

Economic activity picked up in Q1 2023, as the energy system recovered from the damage caused by Russian missiles: real GDP increased by 2.4% relative to Q4 ...

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