Technical report: EU Candidate Countries’ & Potential Candidates’ Economic Quarterly (CCEQ) by the European Commission

Technical report: EU Candidate Countries’ & Potential Candidates’ Economic Quarterly (CCEQ) by the European Commission

An overview of economic developments in candidate and pre-candidate countries.

The disruptive effects of the COVID-19crisisontheWestern Balkaneconomies became visible already in the first quarter of 2020, with annual GDP growth decelerating notably to 2.5%from 4.3%in the preceding quarter. The slowdownwas largely driven bya deepening recession in Albania anda decelerationin Serbiaand in North Macedonia. Private consumption remained the key growth driverbutinvestment showed a mixed performance, with year-on-year declines registered in some of the countries. The region’scurrent account deficit stood at6%of GDP, the highest level in the last 5 years, suggesting that external positions in many economies remain vulnerable. Read more