Convergence process in CEE continues

In 2024, the GDP per capita expressed in Purchasing Power Standards (PPS) ranged between 66% of the EU average in Bulgaria and 241% in Luxembourg. The CEE region is well-positioned, with GDP per capita ranging between 77% of the EU average in Croatia and as much as 91% in Czechia and Slovenia. Most of the CEE countries have very similar GDP per capita percentages close to 80% of the EU average. The convergence process has proven to be quite strong. Two decades ago, when five CEE countries joined the EU, the discrepancy in GDP per capita was much more striking. In Romania, it was not even 40% of the EU average, while in Slovenia or Czechia, it was twice as high - above 80%. Romania and Poland have caught up to a great extent since 2004. The convergence process is set to naturally slow down; nevertheless, the CEE region manages to sustain a positive growth differential versus the Eurozone. This year, we expect the CEE region to expand by an average of 2.6%, as opposed to our growth forecast in the Eurozone at 1.0%.