2017 can be characterised as a year that the countries in Southeastern Europe led the way to the rest of the European Union. Real GDP growth rates registered particularly high levels -especially in Romania- getting closer to their long-term average. Investments and exports are becoming the main growth engines. In detail:
- In Albania, economic activity in Q3 2017 strengthened as real GDP increased at 3.6% YoY from 2.7% in Q3 2016. The construction and trade sectors were the main growth drivers, along with the agricultural sector; although the latter posted slower rates.
- In Bulgaria, real GDP increased at a slower rate at 3.7% YoY in 2017 compared to 3.9% in 2016, however economic activity remained stable with positive leading indicators.
- In Cyprus, economic activity recorded a historic high since 2008, as real GDP in 2017 increased at 3.9% from 3.4% in 2016.
- In Romania, real GDP in 2017 increased significantly at 6.9% YoY compared to 4.8% in 2016 posting one of the highest growth rates in the EU.
- In Serbia, economic activity in 2017 increased at a slower rate at 1.8% from 2.8% in 2016. Main factors that positively contributed to real GDP were final consumption and investments. From a gross value added perspective, the construction, retail and wholesale sectors were the main growth drivers
Group Chief Economist