CEEMEA Growth Monitor

CEEMEA growth remains weak with the aggregate PMI at 50.0 and regional CAIs slowing to 1.6%. Financial conditions tightened broadly across the region in May.

Key Takeaways

• 1.The CEEMEA aggregate PMI rose to 50.0 in May, indicating stagnating growth conditions.
• 2.Current Activity Indicators (CAI) for the region fell to 1.6%, primarily driven by a sharp contraction in Russia.
• 3.Financial conditions across the CEEMEA region tightened in May, with the largest increases in Russia, Israel, and Türkiye.

Table of Contents

• PMIs and CAIs Remain Weak in May
• Aggregate PMI Improves, but Remains Relatively Weak
• Aggregate CAI Dragged Lower by Russia
• Financial Conditions Tighten Across CEEMEA
• CEEMEA Growth Indicators Surprise to the Upside in May
• Poland
• Czechia
• Hungary
• Romania
• Russia
• Türkiye
• South Africa
• Israel
• Additional Countries
• Disclosure Appendix