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A number of national statistics offices across the region released earlier today flash estimates of GDP growth for the Q4-2015. Among them, three economies of our focus Bulgaria, Romania, Cyprus and earlier this month Serbia published flash estimates more or less in line with our expectations. Those readings confirm our earlier full year forecasts stipulated in the Regional Economics& Strategy edition of January and serve as a reminder that there are few winners’ economies in the EM space. From a growth point of view, it would be fair to say that 2015 has been a very good year for the region, most probably the best since 2008.