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Resilience in CEE industry unlikely to last

Industry across Central and Eastern Europe (CEE) has held up better than might have been expected this year given the extent of the energy price shock. While output in energy-intensive industry has declined by 5-10% this year, that has been more than offset by stronger growth in other areas as supply disruptions have eased. We doubt this will continue and expect CEE industry to contract in the coming quarters.

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