Southeast Europe / Data
Germany retains top spot in Europe real GDP gains, but momentum fading
Germany may be the sick man of Europe, but the industrial powerhouse is still top dog in terms of gains in real GDP growth for now. But not for long. A three-year long recession is eating into the big lead, Germany built up before the war in Ukraine
Russia-EU trade turnover falls to historic low as sanctions bite
Trade between Russia and the European Union has plummeted to its lowest level on record, as sanctions, energy decoupling, and sanctions bite, Izvestiya reported on December 2.
Eurozone manufacturing PMI stagnates in November, Italy and Spain outperform Germany and France
The Eurozone’s manufacturing sector saw little change in November, with final Purchasing Managers’ Index (PMI) data pointing to continued stagnation across the bloc’s industrial base, Oxford Economics reported on November 28.
Albania’s economy among fastest-growing in Europe, IMF says
Growth supported by strong tourism, contained inflation and declining public debt, but IMF warns structural challenges and rising external risks threaten medium-term outlook.
Moldova’s industry strengthens through 2025 driven by labour-intensive sectors
Moldova’s industrial output rose 6.2% y/y in 3Q25, the third consecutive quarter of strengthening activity.
IMF warns Montenegro’s economy is weakening after years of strong post-pandemic growth
Growth, which averaged around 9% annually between 2021 and 2023, moderated to 3.2% in 2024 and in the first half of 2025.
European Commission cuts Romania’s growth outlook in half as fiscal tightening weighs on economy
Downward revision reflects Romania’s fiscal slippage in 2024-25 and the subsequent shift to a more contractionary fiscal stance.
Romania’s central bank holds base rate at 6.5%, signals deepening demand gap
BNR expects the annual inflation rate to decline modestly over the next three quarters but remain on a fluctuating path above previous forecasts.
Moldova’s inflation edges up to 7.0% y/y in October on higher food and utility prices
Core inflation also picked up in October, indicating broader price pressures beyond seasonal fluctuations.
Moldova keeps key rate at 6% and cuts reserve requirements to encourage lending
Decision follows a series of rate hikes earlier this year, before the BNM cut the rate in August-September as inflation subdued.
Romania’s retail sales fall 2.3% q/q in Q3 as austerity hits household spending
With inflation eroding purchasing power and private sector jobs under threat from slower economic activity, consumer confidence has weakened.
Romania’s manufacturing PMI drops to 47.6 in October as output and orders weaken
Decline driven by falling output and weaker new orders erases gains made over the past six months.
Emerging Asia overtakes the UK per-capita benchmark
For the first time since the Industrial Revolution, the major emerging economies including China, India and Indonesia have seen GDP as a percentage of the UK’s GDP increase as the leading BRICS countries start to overtake the Developed Markets.
Estonia has the world’s most competitive tax systems for the 11th year in a row – STATISTA
The Tax Foundation has released its International Tax Competitiveness Index which highlights the most competitive tax rates in different countries around the world. For the 11th consecutive year, Estonia had the highest score in the index.
EU rare earth supply dominated by China and Russia - Eurostat
The European Union remains heavily dependent on China and Russia for rare earth imports, with nearly three-quarters of its supply sourced from the two countries in 2024, according to data published by Eurostat and reported by Statista.
Romania’s manufacturing PMI reaches 15-month high in September
Latest PMI reading follows a period of gradual recovery in Romania’s industrial sector.
Moldova’s economy turns to growth in Q2, helped by investments
Upturn follows three-quarter recession prompted by last year's poor harvest.
Kosovo Business Alliance warns diaspora investments locked in non-productive real estate
Business representatives say €9bn real estate investments are “dead capital” that generate neither jobs nor economic growth.
Romania’s macroeconomic confidence index rises after rating outlook affirmed
Boost in confidence follows affirmations of Romania's sovereign rating by Fitch Ratings and Moody’s Investors Service, after the government advanced its first package of fiscal measures in July.
Young Bulgarians turn to stocks over real estate, survey shows
Real estate remains the most popular option overall but younger investors are leading a shift towards stock market investing, says survey commissioned by Revolut.