Monthly Report No. 7-8/2015

Table Overview 2014 and outlook 2015-2017 (p. 1) Figure GDP growth in 2014-2015 and contribution of individual demand components in percentage points (p. 2) Bulgaria Export-led recovery (by Rumen Dobrinsky; p. 3) Croatia Mild turnaround after protracted recession (by Hermine Vidovic; p. 4) The Czech Republic Fiscal and monetary policies conducive to further recovery (by Leon Podkaminer; p. 5) Estonia Household and Swedish demand keep the economy afloat (by Sebastian Leitner; p. 6) Hungary Consumption and net exports step in as growth drivers (by Sándor Richter; p. 7) Latvia Riding out the Russian demand shortfall (by Sebastian Leitner; p. 8) Lithuania Domestic demand offsets slump in the Eastern neighbourhood (by Sebastian Leitner; p. 9) Poland Strong expansion of productive investment (by Leon Podkaminer; p. 10) Romania Also investments fuel growth (by Gábor Hunya; p. 11) Slovakia Better prospects ahead (by Doris Hanzl-Weiss; p. 12) Slovenia Almost back to normal (by Hermine Vidovic; p. 13) Albania Recovery led by FDI (by Isilda Mara; p. 14) Macedonia facing challenges (by Vladimir Gligorov; p. 15) Montenegro investments are the answer (by Vladimir Gligorov; p. 16) Serbia mixed signals (by Vladimir Gligorov; p. 17) Turkey Balance-of-payments constrained growth (by Serkan Çiçek; p. 18) Bosnia and Herzegovina Eppur si muove (by Vladimir Gligorov; p. 19) Kosovo Growth on skis (by Mario Holzner; p. 20) Belarus How deep will be the recession? (by Rumen Dobrinsky; p. 21) Kazakhstan Persevering in times of low oil prices (by Olga Pindyuk; p. 22) Russian Federation Milder recession followed by unimpressive recovery (by Peter Havlik; p. 23) Ukraine No light at the end of the tunnel so far (by Vasily Astrov; p. 24)