Macroeconomic Performance and External Position

In recognition of the heterogeneity of the BSEC-CA countries, the macroeconomic survey considers them in three groups. The Organization of the Black Sea Economic Cooperation is divided into low- and lower-middle income (LLM) countries (Albania, Armenia, Azerbaijan, Georgia, Moldova and Ukraine) and upper-middle- and high-income (UMH) countries (Bulgaria, Greece, Romania, Russia, Serbia and Turkey). The third group consists of the Central Asian (CA) countries (Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan and Uzbekistan). For each group, basic demographic data, key macroeconomic variables, fiscal and monetary indicators and data on the external position are presented.