Countries Overview

Albania

The economy in 2022 showed remarkable resilience, despite risks stemming from external and domestic factors. Inflation picked up, but not too dramatically – ...

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Belarus

The severe Western economic sanctions in response to Lukashenko’s support for Russia’s invasion of Ukraine have resulted in an almost total economic ...

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Bosnia and Herzegovina

The economy grew by an estimated 3.5% in 2022. This was better than expected, thanks to positive momentum in private consumption and investment in the first ...

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Bulgaria

Output performance weakened in the second half of 2022, reflecting the harsh external environment; meanwhile, GDP growth for the year as a whole is likely to ...

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Croatia

Thanks to robust household consumption and a solid summer tourist season, the economy grew by an estimated 5.8% in 2022. Despite COVID-19 related macroeconomic ...

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Czechia

At the start of 2023, the Czech economy continues to face strong pressure from high borrowing costs and double-digit inflation, though a slowdown in price ...

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Estonia

By the end of 2022, the country’s economic resilience – which had been based on strong consumption – had largely faded, while the negative effects of ...

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Hungary

The remarkable average GDP growth of around 5% in 2022 disguises some worrying trends, particularly a marked decline in the growth rate from quarter to quarter....

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Kazakhstan

The economy ended 2022 with broad-based growth of around 3%, despite weak retail trade and oil production disruption. Economic sentiment was showing signs of a ...

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Kosovo

Year-on-year growth was 8.4% in Q1 2022. But thereafter the economy lost steam: for the year as a whole, it probably grew by only 3.1%. Highly dependent as ...

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Latvia

The effects of the war in Ukraine and the decoupling of Latvia from Russian energy sources resulted in recession arriving sooner than expected, in Q3 2022. Only...

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Lithuania

Although the economy has been buffeted by Russia’s war on Ukraine and the world-wide decline in economic activity, recent developments appear less gloomy. ...

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Moldova

The economy contracted sharply in the second half of 2022 and will only emerge slowly from recession in 2023. Eroding real incomes, falling private consumption ...

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Montenegro

In 2022, Montenegro experienced its highest inflation for 20 years – an average of 13%. Yet private consumption still grew, thanks to a tax reform that ...

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North Macedonia

Inflation began to moderate in Q4 2022, but it still averaged 14.2% for the year as a whole – the highest figure since 1995. Despite its adverse effect on ...

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Poland

Throughout 2022, cost and markup inflation outstripped the rise in nominal wages, thus eroding the real disposable income of households and private consumption ...

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Romania

The household consumption-based economic boom has given way to slower growth, driven mainly by fixed capital formation. The erosion of purchasing power – a ...

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Russia

In Q4 2022, economic contraction is likely to have intensified following the announcement of military mobilisation and new export restrictions. Still, for the ...

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Serbia

Inflation moderated in Q4 2022, to average 11.9% for the whole year. GDP grew by 2.3% in 2022, with a slowdown in the latter half year – a result of ...

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Slovakia

On 1 January 2023, amidst some turbulence, Slovakia marked its 30th birthday. In 2022, weakening household consumption meant that GDP year-on-year growth rates ...

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Slovenia

Although we expect growth to slow significantly in 2023, compared to the previous two years, it will still be well above the EU average. The war in Ukraine and ...

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Turkey

The economy ended 2022 relatively strong, propelled by ultra-loose monetary policy. Deeply negative real interest rates – in stark contrast to the large-scale...

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Ukraine

Russia’s relentless missile and drone attacks, which started in October 2022, have caused significant damage to Ukraine’s critical infrastructure, and the ...

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