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HomeEU candidate countries’ & potential candidates’ economic quarterly (CCEQ). 1st Quarter 2019
EU candidate countries’ & potential candidates’ economic quarterly (CCEQ). 1st Quarter 2019
Latest edition.
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The economic upswing strengthened further in the Western Balkans during 2018 with the region recording a growth rate of 3.8%, the highest in a decade. This economic performance was mainly driven by a notable acceleration of annual GDP growth in Serbia, the largest economy in the region. Private consumption and investment continued to support economic activity. The region’s current account deficit remained almost unchanged at 5.4% of GDP, suggesting that external positions in many economies remain vulnerable. Economic expansion led to further job creation but at a slower pace compared to the previous year. Unemployment rates declined in all countries but remained high, in particular for women and the youth. In general, fiscal balances in the region met the targets or even over-performed them. However, high public debt levels remain a source of vulnerability in many countries. In Turkey, economic growth decelerated markedly during 2018 to 2.6% as domestic demand plummeted following the August currency crisis and the resulting tightening of financial conditions. The pass-through of the lira depreciation pushed inflation up while the economic rebalancing resulted in a sharp adjustment of the current account deficit which shrunk significantly.
- Published:
- Corporate author(s): Directorate-General for Economic and Financial Affairs (European Commission)
- Themes: Economic policy — Economic and monetary union
- Subject: Albania , Bosnia and Herzegovina , construction policy , economic growth , gross domestic product , industrial production , Kosovo , labour market , macroeconomics , Montenegro , North Macedonia , Serbia , tourism , Türkiye
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| ISSN 2443-8049 | ISBN 978-92-79-98837-0 | DOI 10.2765/600052 | Catalogue number KC-BF-19-004-EN-N |
- Released on EU Publications:
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