Eastern Europe

Even though inflation remained high in Romania in 2023, personal accessories saw growth in both current value and volume terms. Romanians are increasingly preoccupied with improving their personal image, and despite declining purchasing power, they…

Hair care appliances held most of the retail volume share among personal care appliances in 2023, with these products attracting more consumers and recording growth. Significant price increases were seen in beauty salons and for consumers. This led…

Personal care appliances witnessed steady retail volume growth in 2023, although demand has weakened slightly year-on-year, due to the high cost of living. The demand for personal care appliances stems from the growing emphasis on self-care and…

Personal care appliances see another year of growth in 2023, following the reopening of society after the previous pandemic restrictions. This led to people returning to workplaces and re-embracing their social lives, thus paying more attention to…

Body shavers witnessed a further retail volume decline in 2023, as these products were fast-selling during the outbreak of COVID-19, in line with heightened time spent in the household. As such, body shavers saw a decline compared to the previous…

Personal luxury retail value sales increased by 18% in 2023 to amount to PLN6.6 billion, supporting growth recorded by leading brand providers, such as L’Oréal Polska Sp zoo, Kering SA and Chanel SA. Sales fell by 19% in 2020 due to the pandemic, but…

Personal luxury retail value sales increased by 21% in 2023 to amount to RON4.6 billion. Growth was supported by leading brand owners, such as LVMH Moët Hennessy Louis Vuitton SA, L’Oréal Romania SRL and Cie Financière Richemont SA. Growth in 2023…

Albania is advancing with its programme to join the European Union (EU), but the large informal economy and endemic problems still hold it back. Annual real GDP growth is expected to slow down over the near term. Albania offers a large labour force,…

Candidacy for European Union (EU) membership could improve Bosnia and Herzegovina’s (BiH) economic freedom, although corruption is pervasive. The country has a relatively diversified economic base and whilst inflation is moderating, the economy is…

With its very low tax burden and strong state finances, Bulgaria enjoys economic freedom, although political instability has been common. High inflation is adversely affecting the economy, but joblessness remains low. Although skills shortages are…

A low corporate tax rate and better finances are leading to enhanced economic freedom in Croatia, although corruption continues to be an issue and politics is moving to the right. Adoption of the euro could boost investment and tourism, but the…

Although Estonia enjoys substantial economic freedom and tackles corruption effectively, state finances are deteriorating but remain sustainable. The economy is experiencing recession and stagflation, whilst its highly open nature creates risks for…

Whilst Georgia’s government finances have improved and a low tax burden benefits businesses, governance is becoming more authoritarian and moving away from democratic ideals. Economic development was extremely robust in 2022, thanks to tourism,…

A low tax burden adds to Hungary’s economic freedom, but corruption remains an issue and state finances are under pressure. Economic performance has outpaced peers and unemployment is low, but inflation remains very high and will adversely impact…

Kosovo has suffered from significant political instability, whilst corruption is pervasive. Nevertheless, European Union (EU) accession is on the cards and the economy is expected to outperform peers in the near term. The consumer market remains…

Improving state finances and effective control of corruption are adding to Latvia’s economic freedom, but relations with neighbours continue to be tense. Economic momentum is moderating, owing to high inflation that is hitting consumption, but the…

Although Lithuania enjoys economic freedom and solid state finances, relations with neighbours have worsened and add to uncertainty. The economy has been hindered by the highest inflation rate in the eurozone and output growth could enter negative…

Although Moldova is ‘moderately free’ for economic freedom, Russia’s influence operations may spur instability. Economic growth to rebound over the near term, outperforming regional average. The population is shrinking and ageing rapidly, which…

In Mozambique, ongoing conflict and corruption exacerbate economic challenges. The economy is hindered by high unemployment and reliance on agriculture. The young and growing population remains impoverished, facing healthcare and educational hurdles,…

Although economic freedom has worsened and political instability persists, state finances have improved and taxation is low. North Macedonia’s economy has struggled under the weight of elevated inflation, but this is falling and foreign investment…