Coface Baltic Top 50 - 2023 Edition
The Baltic economies suffered heavily from the consequences of Russia’s full-scale invasion of Ukraine. As the war was initiated by a country neighbouring the Baltics, consumer and industrial confidence dropped sharply, while higher prices of commodities and inputs as well as significant supply chain disruptions elevated inflation to levels exceeding even 20% (year-on-year growth) in several months of 2022. Indeed, the Baltic countries recorded the highest inflation among EU member states, reaching annual averages of 19.4% in Estonia, 18.9% in Lithuania and 17.2% in Latvia in 2022. Nevertheless, economic resilience was relatively good, as only Estonia recorded a negative growth rate in 2022, reaching -0.5%. Other Baltic countries experienced a slowdown, but their GDP growth rates reached 3.4% in the case of Latvia and 2.4% in the case of Lithuania.
Content of the publication
- Coface Baltic Top 50 Overview
- Economic Outlook
- Coface Baltic Top 50 Ranking
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