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Economy in Brief

Economic Recovery in Eastern Europe
by Louise Curley March 6, 2012

Fourth Quarter data on Gross Domestic Product for many Eastern European countries are beginning to appear. For the most part, these economies peaked in 2008 and after declining in 2009 and 2010 began to recover in the first half of 2011 only to be beset with the problems in the euro area. The attached chart shows the course of the current value of these economies in US dollars for five of the Eastern European countries that have released GDP data for the full year 2011. Slovenia and Bulgaria are the smallest economies in the group, both amounting to roughly $50 billion in 2011. The Slovakian economy amounted to almost $100 billion, the Romanian, almost $200 billion and Poland, over $500 billion. All five economies declined in the fourth quarter.

The recovery from the recession of 2008 among these countries has been uneven. Romanian GDP in 2011 was still 11.5 percentage points below its value in 2008, Slovenia was 9.5 points and Poland 3.8 points below their respective peaks. Bulgaria was 3.7 points above its 2008 value and Slovakia 1.7 points above its 2008 peak.

GDP In Billions of USD Q4
11
Q3
11
Q2
11
Q1
11
2011 2010 2009 2008 2011/
2008
Slovenia 12.0 12.6 12.8 12.0 49.6 46.7 49.0 54.8 90.5%
Slovakia 23.6 24.6 24.9 23.1 96.1 87.4 87.6 94.8 101.7%
Romania 46.3 48.3 49.0 44.6 188.1 162.6 163.1 202.6 88.5%
Poland 128.3 137.1 130.3 118.9 514.9 469.0 433.1 535.0 96.2%
Bulgaria 12.2 14.0 14.2 13.3 53.7 47.6 48.2 51.8 103.7%
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