While geographical and political definitions of the region may vary, in most common definition the Balkans consist of 11 countries with a population of 62.2 million people. Romania (GDP 284.1 bn USD), Greece (GPD 216.2 bn USD) and Bulgaria (GDP 80.2 bn USD) are the largest regional economies.
Locals across the Balkans are well financially included – 80% of them have bank accounts. In addition to that, the region is experiencing rapid economic development, an average of 7% GDP growth, in some countries reaching 10% and more. The e-commerce across the region is over 15 billion USD, and continues to rise with a rapid expected growth rate of 16.6% year over year.
With regards to payments, banking systems and cards are widely available across the region. Still, wallets and bank transfer solutions are often the preferred way to pay for the large amount of the regional population.
The following opportunities in Balkans should not be missed by international merchants:
● Croatian digital infrastructure is well developed: more than 78% of the population have access to the Internet, and 91% of Croatians have bank accounts. With a rapid GDP growth of 10.4%, Croatia is the second fastest growing economy in the Balkans. Learn more about opportunities for your business in Croatia.
● Thanks to a well-developed mobile and internet infrastructure, 55% of Slovenians regularly shop online. While there are only 2.1 million people in Slovenia, the market volume is close to 1 billion, with an expected continuous growth of 15.4%. In 2027, it is expected that the e-commerce market will more than double and reach over 1.9 billion USD. Learn more about opportunities for your business in Slovenia.