Estonia returns to growth (+3.4%) driven by exports (+10%)
While the reduction in foreign demand was responsible for two-thirds of the 2020 recession, industry and ICT will rebound this year.
While the reduction in foreign demand was responsible for two-thirds of the 2020 recession, industry and ICT will rebound this year.
Last year Poland recorded current account surpluses in each month, accounting for 18.4 billion euros. But retail sales fell 6.0% YoY in January.
Great hope is placed on the active contributions of ICT technologies, where growth in Latvian industry this year could reach 3-4%.
Private consumption will remain strong thanks to rising incomes, pension indexation, higher minimum wages and a vibrant labour market.
Latvian GDP growth fell by -9.2% and the current account deficit is on the rise. Loans to the private sector are held back by an extensive informal sector.
Tallinn’s GDP will fall by 4.5%, while in 2021-22 will recover with the rebound in private consumption and investment. Public debt remains the lowest in the EU.
The diversified economic structure and low exposure to sectors affected by the pandemic allow Warsaw to contain the recession.
Before the pandemic outbreak, the economy was expected to slow down slightly (+3%), with a decrease in exports and investments.