The economies of Central and Eastern Europe have generally benefited from an improved economic environment in Europe in 2015 as the largest emerging markets suffered a slowdown in growth or even recession. While exports went away to the euro zone – their main partner – and unemployment fell, growth in this region was in effect accelerated from 2.6% in 2014 to 3.3% in 2015.
“These investments have largely contributed to the growth in the economies of Central and Eastern Europe last year”, said Coface (French Insurance Company for Foreign Trade). “Although the economies of Central and Eastern Europe have already received investments co-financed by the EU in recent years, the pace has accelerated in 2015”, she added.
Other improvements in the labor market and the growing confidence, strengthen household consumption as the main engine of growth for the economies of Central and Eastern Europe. The credit insurer noted that the momentum should remain positive for 2016 in the countries of Central and Eastern Europe even if adverse factors may emerge.
Market volatility and a steeper slowdown in China – particularly affecting Germany, main CEE partner – could reduce export momentum but, on the external side, these countries will remain active exporters.