CEE entered 2025 with broadly positive, but uneven, economic conditions. Most markets recorded economic growth, although the pace varied significantly. Poland stood out with GDP growth of 3.6%, while Bulgaria and Croatia also maintained relatively strong momentum. At the other end of the spectrum, Hungary grew by just 0.3% and Slovakia by 0.8%, reflecting a more cautious economic environment. Ukraine remained a fundamentally different case, with economic activity shaped by the ongoing war, energy disruptions and population displacement.
Inflation and the cost of living remained important factors across the region. Even where inflation had eased compared with previous years, higher prices continued to affect household purchasing power and consumer confidence. Bosnia and Herzegovina, for example, saw advertising growth largely reflecting higher prices rather than substantially higher volumes of activity. In Romania, inflation, living costs and fiscal uncertainty were among the key concerns, while Ukraine saw consumers become increasingly price-sensitive.
This more cautious consumer environment influenced business behaviour. Advertisers increasingly concentrated on efficiency, measurable results and activities closer to actual purchasing decisions. The growing importance of performance marketing, first-party data and retail environments can therefore be seen partly as a response to economic pressure: companies were looking for greater accountability and a clearer connection between spending and sales.
At the same time, there were signs of continued investment and market confidence in several economies. Poland recorded growth across retail sales and business activity, while Ukraine's advertising market expanded despite the war, supported by strong activity from financial services, automotive, tourism and e-commerce. The latter is particularly notable given the country's economic circumstances and illustrates how businesses continued to adapt rather than simply reduce activity.
Market consolidation was another important feature of the business environment. Serbia saw major changes in the ownership and distribution structure of the media and telecommunications market, including acquisitions involving Yettel, SBB, Telekom Serbia and MONDO. In Hungary, Indamedia's acquisition of Blikk further strengthened consolidation among major media owners. These developments are relevant beyond individual markets, as regional consolidation can affect bargaining power, distribution structures and the competitive environment for advertisers.
Political and regulatory uncertainty also affected business planning in several countries. Romania introduced tighter rules around political communication following the annulled 2024 presidential election, while political advertising had a particularly visible effect on commercial planning in Slovenia. In Slovakia, fiscal consolidation and a highly politicised public-media environment added to the uncertainty facing businesses.
Overall, 2025 was not defined by recession across CEE, but by uneven growth combined with continued cost pressure and uncertainty. Businesses remained willing to invest where opportunities existed, but consumer price sensitivity and the need to demonstrate efficiency increasingly shaped commercial decisions. For media markets, this created an environment in which economic resilience and caution existed side by side.
