Economic Snapshot for Central & Eastern Europe
January 11, 2023
Economic Growth
The economy should shift to a lower gear this year. Still-elevated inflation, tighter financing conditions and lower savings will weigh on domestic demand. Moreover, a less supportive global economic environment will restrain industrial production and exports. Possible energy price swings and geopolitical uncertainty stemming from the war in Ukraine cloud the outlook.
Inflation Outlook
Regional inflation rose to 17.5% in November from 17.1% in October. Croatia, the Czech Republic, Hungary, Latvia and Romania all recorded higher inflation rates, which more than offset softer price pressures in Bulgaria, Estonia, Lithuania and Poland. This year, inflation should ease, although pass-through effects and sustained wage growth will keep it high.
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5 years of Central & Eastern Europe economic forecasts for more than 30 economic indicators.
Central & Eastern Europe Economic News
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Poland: Retail sales growth drops to over one-year low in December
January 25, 2023
Retail sales rose 15.5% year on year in December (November: +18.4% yoy).
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Czech Republic: Economic sentiment rises in January
January 25, 2023
The economic sentiment indicator, published by the Czech Statistical Office (CSO), rose to 92.0 in January from 89.7 in December. Consumer sentiment increased in January, with the index rising to 82.9 from 75.5 in December.
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Poland: Business sentiment ticks up in January
January 25, 2023
Business confidence rose to minus 18.2 in January from December's minus 19.5.
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Lithuania: Industrial activity contracts at sharpest pace since May 2020 in December
January 25, 2023
Industrial output plunged 7.7% year on year in December (November: 0.0% yoy).
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Hungary: MNB stands pat in January
January 25, 2023
At its 24 January meeting, the Monetary Council of the Hungarian National Bank (MNB) left its base rate unchanged at 13.00% for the fourth consecutive meeting.
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