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GDP Gross Domestic Product

Bulgaria: Signs of Economic Recovery

Bulgaria services sector marks the highest growth of FDI

July 26, 2013

Latvia: Saying Goodbye to the Lat

The introduction of the Euro in the Baltic country has been postponed due to the financial crisis. Latvia originally planned to join the single currency union in 2008 already.

July 26, 2013

Czech Republic to Remain in Recession

The Czech economy will, according to the Finance Ministry in Prague, shrink by 1.5 percent and only start growing again in 2014 by 0.8 percent.

July 26, 2013

Fekter: Debt reduction and tax reform are our absolute priorities

"We are on the right track"

July 25, 2013

Poland: First Signs of Recovery from Crisis

Deputy Finance Minister Janusz Cichon expressed his optimism about the country’s soon economic recovery via Twitter by referring to Poland’s industrial performance and retail sales in the last month.

July 25, 2013

Bulgarian Protests As Sign of New Understanding of Values

The great wave of protests in Bulgaria continues to sweep the country. Experts regard the demonstrations as a sign of a new understanding of values.

July 25, 2013

Orban: Not Joining Eurozone in the Next Ten Years

Hungary´s Prime Minister thinks that his country should not become a member of the euro area in the medium term.

July 23, 2013

Croatia Receives Major Loan from EIB

The European Investment Bank grants a € 250m loan for the new EU member.

July 23, 2013

Russia: Recession Not Excluded Anymore

Above all, Russia suffers from a shrinking industrial sector and a decline in foreign direct investments.

July 22, 2013

Poland: Budget Deficit to Peak in 2013

This year, Poland´s budget deficit is expected to reach 4.4% of GDP. The country still has a stable public sector, Moody´s comments.

July 22, 2013

Russian Economy Shows Insufficient Diversification

The Russian economy is primarily based on commodities, economists at the Moscow Higher School of Economics report. In the medium term, Russia has no growth potential, the experts say.

July 18, 2013

Polish Government to Leave Austerity Path

In order to boost Poland´s economic growth, the government wants to ease the fiscal discipline.

July 17, 2013

Austria: Most Risks Do not Come from Eurozone

The greatest risks threatening a continued economic recovery in Austria currently stem from the global economic trend and, to a lesser extent, from the Eurozone, Ban Austria reports.

July 17, 2013

CNB Expects Croatian GDP to Contract Remarkably

The Croatian National Bank forecasts a GDP decline of 1.0% in 2013.

July 17, 2013

Russia Only Posts Moderate Growth Rates

Russian economists forecast that the Russian GDP will grow by 1.6% this year. This is substantially below the growth rate of 2012.

July 16, 2013

Poland: Economic Upswing not before 2014

Poland´s National Bank NBP expects that the country´s economic performance will not improve visibly this year.

July 16, 2013

Austrian GDP Growth Above European Average

In 2012, Austria saw a growth of GDP of 0.9 percent which is signifantly above the European average.

July 12, 2013

Czech Republic: Gloomy Prospects for Economy

The Czech economy is shrinking. According to experts, new Prime Minister Jiri Rusnok will not be able to change much. Enterprises have started to cut back on investments.

July 12, 2013

Fekter: Capital Aids for Hypo Included in Next Budgets

Finance Minister Maria Fekter sticks to it: „We will reach a zero deficit in 2016 and have a slight surplus in 2017,”she announced during the presentation of the economic report 2013 on Wednesday.

July 11, 2013

Austrian Economy Dependent on Neighbor Countries

Austria’s economy is getting through the crisis better than the Eurozone. However, the country owes this partly to neighboring countries.

July 11, 2013

IMF Downgrades Growth Prognosis for Eurozone

According to the International Monetary Fund (IMF), the prospects of growth in the Eurozone are still positive. However, they are not as good as in April. Germany and Austria are concerned as well.

July 10, 2013

Spindelegger: Fitness Program for Austria

Austrian economy supposed to be boosted by reforms of “Unternehmen Österreich 2025, and a rejection of new taxes.

July 10, 2013

Latvia: Joining the Eurozone

Lativa is becoming the 18th country in the Eurozone. The EU Economy and Finance Ministers have given their green light for the admission.

July 9, 2013

Poland: NBP Downgrades Forecasts for GDP and CPI

The National Bank of Poland (NBP) downgrades GDP and CPI forecasts over next two years.

July 9, 2013

Poland: Last Cut in Interest Rate In 2013

Base rate down to new all-time low.

July 4, 2013

CESEE: GDP Growth in 2013 Weakest Since 2009

CESEE financial markets influenced by global liquidity debate.

July 4, 2013

Slovenia: Trying to Make a Difference

The crisis measures approved by Brussels are partially starting to make an impact. Since July 1, the higher tax rate of 22 percent is binding. However, the country does much more than just raise taxes.

July 3, 2013

Crisis in Slovenia Might Take Longer Than Expected

According to the latest economic report by auditing firm Ernst&Young;, the financial crisis in Slovenia will take longer than expected beforehand. However, the country should still be able to avoid international bailout.

July 1, 2013

Latvia Joining The Eurozone As 18th Member

Today the heads of states and governments of the European Union gave their blessing to Latvia’s entry to the Eurozone in 2014.

June 28, 2013

Austrian Public Debt to Rise Further

Quarterly government debt first quarter 2013: € 231.6bn or 74.2 % of GDP.

June 28, 2013

Slovenia’s Economic Outlook to Deteriorate Further

The Institute for Macroeconomic Analysis and Development expects GDP in Slovenia to shrink more than projected earlier.

June 21, 2013

Green Light for Latvia’s Euro Accession

The Eurogroup gave green light for the admission of Lativa to the common European currency.

June 21, 2013

Moody’s: Rate Cuts Credit-Negative for Polish Banks

The recently passed cut in interest rates by Poland’s Monetary Policy Council has a negative effect on credits for Polish banks, rating agency Moody’s announced.

June 11, 2013

Siemens VAI to Modernize Ukrainian Steel Plant

The signing of a major contract in Ukraine for Upper-Austrian industrial plant construction company Siemens VAI is in its final steps.

June 10, 2013

Moody's: Overall Fiscal Situation In CEE Is Improving

Because of austerity measures in most of the countries, the economic situation is slowly but steadily improving.However, the latest competitiveness report pains a bleak picture of the future.

June 7, 2013

Poland: Base Rate Down to Record Low

Poland’s Monetary Council has cut the base rate to 2.75 percent.

June 6, 2013

Austria: Leitl Welcomes Latvia to Join Eurozone

Head of the Austrian Chamber of Commerce Leitl considers the Euro adoption as an important political signal for the cooperation and the strengthening of the European currency union.

June 5, 2013

Croatia to Expect Disciplinary Procedure by EU

The Ex-Yugoslavian country has to face harder scrutinizing than its CESEE peers which joined the EU in the last decade.

June 5, 2013

Slovenia: Bailout As An Option

Prime Minister Bratusek announced her consent to introduce fiscal rule in 2015.

June 4, 2013

Latvia: Euro to Be Introduced 2014

Latvia will be able introduce the Euro on January 1 2014. According to diplomats, this is what the EU Commission will recommend on Wednesday in Brussels.

June 4, 2013

Significant Trade Surplus in 2012 Reflects Austria's Competitive Strength

Despite the crisis, Austria managed to achieve a significant trade surplus in services in 2012. At the same time it was possible to eliminate Austria's foreign debt in full.

June 4, 2013

Romania: Erste Forecasts Economic Growth at 1.8 Percent

Erste keeps Romania's economic growth forecast for 2013 unchanged at 1.8 %.

June 3, 2013

Czech Repubic to Restrict Budget Cuts

To boost domestic economy, the Finance Ministry announced to temporarily restrict budget cuts.

May 31, 2013

World Competitive Ranking: Austria Loses 7 Ranks

The World Competitive Ranking of Lausanne IMD Private School of Economics has become one of the most significant location comparisons on an international basis in the last 25 years.

May 29, 2013

Commission to Publish Reform Recommendations

24 countries, among them Austria, will receive recommendations for reforms by the EU Commission.

May 28, 2013

Turkey: Next Step Towards EU

According to Reuters, Turkey can now hope for its long-awaited next step towards an EU entry in June. France has lifted its opposition to the country’s EU Accession talks. Experts point out the great economic potential the country offers.

May 28, 2013

Commission Welcomes Slovenia’s Commitment

The EU Commission approved of Slovenia’s adoption of a balanced budget rule on Friday last week.

May 27, 2013

Slovenia: Fiscal Rule to Be Introduced in 2015

Prime Minister Bratusek announced her consent to introduce fiscal rule in 2015.

May 23, 2013

IMF Recommends Czech Government to Reduce Budget Cuts

With worse-than-expected current economic circumstances the IMF recommends the Czech Republic to moderate budget cuts.

May 22, 2013

Slovenia Taking Drastic Measures

NLB plans to cut workforce by 20 percent. The Slovenian government signed an agreement with unions to cut wage costs and is discussing to raise VAT. The country is hoping for € 1bn for the selling of state-owned enterprises.

May 22, 2013