The latest data from Central and South Eastern Europe (C&SEE) serve as a timely reminder that, despite widespread pessimism, some parts of the emerging world are faring well. Flash Q4 GDP estimates suggest that aggregate growth in C&SEE came in at around 4% y/y, the fastest rate since 2008. Poland, Slovakia and Romania were the region’s best performing economies at the end of last year, but even some of the laggards – Bulgaria and Croatia – showed signs of improvement. And with consumers set to receive further support from the fall in oil prices at the start of this year, we expect growth to remain strong over the coming quarters.
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