Countries Overview
Albania
Economic growth is estimated to have reached 4% in 2024. Tourism recorded another positive year, as did FDI and remittances. A strong rise in nominal wages (of ...
Belarus
In 2024, GDP grew by nearly 4.0%, despite expectations at the beginning of the year of stagnation caused by Western sanctions and worsening macroeconomic ...
Bosnia and Herzegovina
GDP growth for the first three quarters of 2024 reached 2.5%, and we estimate a figure of 2.4% for the whole year; that is 0.2 percentage points lower than our ...
Bulgaria
Economic growth remained moderate in H2 2024, with private consumption continuing as the key driver, boosted by higher real disposable incomes. On the other ...
Croatia
We estimate that Croatia’s GDP growth reached 3.5% in 2024, driven by the country’s accession to the EU’s border-free Schengen zone and the euro area – ...
Czechia
While German weakness will remain a major headwind for Czech growth, the economy should still be able to expand by 2.5% or more per year over the forecast ...
Estonia
The Estonian economy returned to growth in H2 2024, driven primarily by strengthening foreign demand; meanwhile domestic demand was supported by declining ...
Hungary
With an estimated GDP growth rate of 0.5%, Hungary’s 2024 economic performance remained well below the government’s planned 4% expansion. Only the services ...
Kazakhstan
Economic growth accelerated in H2 2024, driven by private consumption, with retail trade gaining momentum. Strong domestic demand, numerous new investment ...
Kosovo
We estimate that in 2024, GDP grew by 4.3%, fuelled by strong investment, robust FDI inflows (reaching 13% of GDP for the first three quarters of 2024) and ...
Latvia
Shrinking external demand and (particularly) a fall in investment resulted in GDP continuing to decline in Q3 2024. Over the whole of 2024, the economy is ...
Lithuania
In H2 2024, GDP growth continued to accelerate and probably reached 2.4%, year on year. Household consumption was again the biggest driver of growth – ...
Moldova
Economic growth slowed in H2 2024, driven by a poor harvest. This resulted in modest GDP growth of about 1% for the year overall. While investment activity was ...
Montenegro
GDP growth in 2024 is estimated to have been 3.2% – down from 6.3% in 2023, due mainly to a weaker tourist season and reduced exports. However, for 2025 we ...
North Macedonia
Despite the upward revision of GDP figures for 2023 and 2024 by the Statistical Office, little has changed for the country from our previous forecast. The new ...
Poland
Poland’s GDP grew by 2.7% year on year in Q3 2024 – slightly below expectations, owing to stagnation in private consumption and exports. High-frequency data...
Romania
Romania’s economic growth has declined over the past few quarters, resulting in a modest expansion of 1.2% for 2024 as a whole. This slowdown has occurred ...
Russia
Despite sharp monetary policy tightening in H2 2024, inflation climbed to 9.5% by year end, fuelled by a tight labour market (unemployment had plunged to 2.3% ...
Serbia
Last year saw inflation stabilise at around 4.5%, the growth in real wages remain at 9% and unemployment drop to 8%. FDI inflows stayed solid at around 6% of ...
Slovakia
Slovakia experienced decent growth of around 2% in 2024, with a strong start to the year, but a steady downward trend thereafter. Household consumption was the ...
Slovenia
The economic prospect for Slovenia in 2025 is one of stable and positive growth, despite the ongoing challenges within the European manufacturing sector – ...
Turkey
Due to tight financial conditions, growth weakened further in Q3 2024, with GDP rising by only 2.1% year on year. The Turkish Statistical Institute revised Q2 ...
Ukraine
A summer drought plus large-scale Russian attacks on energy infrastructure provided significant economic headwinds in 2024, but the economy continued to show ...