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Economic Slowdown Worsens in EU’s East as Inflation Surge Hits

  • Double-digit price growth caused by war has plagued the region
  • Hungary, Czech Republic are set to face technical recessions

Economies in the European Union’s east slowed in the third quarter as consumers were hit by spiking energy costs triggered by Russia’s war in neighboring Ukraine and soaring interest rates. 

Gross domestic product in Poland, the region’s biggest economy, grew 3.5% in the July-to-September period, down from 5.5% in the previous quarter, data showed on Tuesday. Output in Romania and Hungary both slowed to 4% from 5.1% and 6.5% respectively.