CEE on course for 2012 GDP growth of 2.6% - bank

05 July 2012 11:29  [Source: ICIS news]

LONDON (ICIS)--The Central and Eastern Europe (CEE) region, including Russia and the Commonwealth of Independent States (CIS), has proved resilient in the face of economic difficulties in the eurozone and can expect 2012 GDP growth of 2.6%, Raiffeisen Bank International (RBI) said on Thursday.

With RBI's forecast also showing that this year's GDP of the eurozone is expected to shrink by 0.3%, the CEE can be seen to have “so far withstood the turbulences in the eurozone well and has developed with pleasing stability,” said Peter Brezinschek, head of Raiffeisen Research, a unit of Austria-based RBI.

"The top performers [in the forecast] remain Poland with 2.8% and Russia with 3.7% real GDP growth. Slovakia and Ukraine should also be able to add 2.5% growth each to the pleasing data of the last two years," he added.

The situation in the Balkans remains less positive, with Croatia, Serbia and Bosnia and Herzegovina not expected to show any growth at all in 2012, Brezinschek said.

"This region [Balkans] has been the most negatively affected by the recession in the periphery states of the eurozone. Only a moderate brightening of the economic outlook is realistic in the next year," he added.

For 2013, RBI is forecasting CEE GDP growth of 3.2% and eurozone growth of 0.8%.

By: Will Conroy
+44 20 8652 3214

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