The economic rebound in the Western Balkans moderated in 2022, impacted by the fallout from Russia’s war of aggression against Ukraine, with the region’s GDP growing by 3.2% compared to 7.7% in 2021. The slowdown in annual output growth was most pronounced in the second half of the year and was driven by Serbia, the largest economy in the region. In the fourth quarter of 2022, the region’s GDP rose by only 1.6% year-on-year.

European Economy Technical Papers are reports and data compiled by the staff of the European Commission’s Directorate-General for Economic and Financial Affairs.

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