The growth outlook across Emerging Europe remains good. We expect the region to grow by just over 6% this year, broadly unchanged from the 6.3% expansion achieved last year. Favourable weather conditions boosted output in a number of countries in Q1 of this year. But more generally the growth fundamentals remain strong - credit growth and FDI inflows will continue to support demand and, on the supply side, productivity growth remains impressive. With regional per capita GDP just 20% of that of the euro-zone, the forces of catch-up will remain powerful for some time to come.