Countries Overview
Albania
The economic outlook is stable. Economic growth in 2025 remained steady, at 3.8%, driven primarily by domestic demand. Government consumption and investment ...
Belarus
After 4.3% in 2024, GDP growth slowed markedly to 1.3% in 2025 and a mere 0.2% in Jan-April 2026. The key reason behind this is poor export performance amid ...
Bosnia and Herzegovina
Following modest growth in 2025, the recovery is expected to be delayed somewhat by the war in the Middle East. For 2026, GDP growth is now projected to be ...
Bulgaria
Bulgaria’s economic growth in Q1 was 3.1%, driven by strong domestic demand. In particular, gross fixed capital formation grew significantly – by 18.7% on ...
Croatia
Economic growth is expected to moderate to below 3% over the forecast horizon but will stay above the euro-area average. GDP growth has slowed markedly: from ...
Czechia
Economic activity remains resilient, despite a more uncertain outlook. Following solid growth of 2.6% in 2025, supported by stronger household spending and a ...
Estonia
After three years of recession and near-stagnation, the Estonian economy grew by 0.6% in 2025. Growth is projected to accelerate to 2.3% in 2026, supported by a...
Hungary
In Q1 2026, Hungary’s GDP increased by 1.7% year on year, a remarkable acceleration by comparison with any quarter of the previous year. This is due to robust...
Kazakhstan
In Q1 2026, the economy grew by a mere 3% year on year, largely due to oil production disruptions; however, over the remainder of the year growth is set to pick...
Kosovo
In Q1 2026, the economy grew by a very solid 5.4% year on year. Growth was driven primarily by government consumption, which increased by 16.5%, alongside ...
Latvia
Growth in Latvia is being led primarily by capital spending and public demand. The economy expanded by 2.5% in Q1 2026, driven mainly by strong investment and ...
Lithuania
Economic growth stood at 2.6% in Q1 2026, supported primarily by domestic demand. That said, a significant part of the momentum stems from one-off or temporary ...
Moldova
Assuming average meteorological conditions, GDP growth in 2026 is projected to slow to 1.9%, from 2.4% last year. While investment in infrastructure and ...
Montenegro
In 2026, the economy is projected to expand by 2.8%, largely driven by household consumption and investment. Consumer price inflation averaged 4.1% in 2025 and ...
North Macedonia
The economy slowed visibly in Q1 2026, in line with our expectations. Year-on-year growth was 3.1%, but that relatively solid reading is misleading, as ...
Poland
Poland’s economy continues to grow at a solid pace. In Q1 2026, GDP expanded by 3.5% year on year, driven mostly by domestic demand. Lower interest rates, ...
Romania
The Romanian economy is suffering from recession and elevated political risk. Compared to last year, domestic and international conditions have deteriorated, ...
Russia
In Q1 2026, real GDP shrank by 0.2% year on year, marking a contraction for the first time in three years. The main reason for this was the 14.3% drop in ...
Serbia
Economic growth remains weak. Year-on-year growth in Q1 2026 was 3.2%, the highest rate since the end of 2024; but that reading is misleading, as it owes much ...
Slovakia
Constrained by fiscal consolidation, weak investment and a challenging external environment, the Slovak economy continues to underperform relative to its ...
Slovenia
In Q1 2026, the economy picked up by 3% year on year. In part this is thanks to the low statistical basis (in Q1 2025 growth was negative), as well as to ...
Turkey
Turkey’s economy grew by 3.6% in 2025, driven by domestic demand, while net exports weighed on activity. As a net importer of energy, Turkey is highly exposed...
Ukraine
Economic growth will slow down in 2026 but is expected to accelerate in 2027-2028. Economic growth will slow in 2026 but is expected to pick up again in ...