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 ...
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 ...
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 ...
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, ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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...
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 ...
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...
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 ...
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 ...
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 ...
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 ...
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 ...