Economic developmentsRetail sales growth in the first half of the year, point to moderation in household demand in 2Q26 compared with 1Q26, although the picture is somewhat mixed. Average retail sales growth slowed in virtually all countries between the first two quarters of the year. Romania is the notable weak spot, with retail sales contracting further in 2Q26, as fiscal consolidation measures continue to impact households. Finally, Slovakia and Slovenia show positive 2Q26 growth despite weak or broadly flat 1Q26 average growth. This does not necessarily imply falling household consumption (retail sales are still expanding in most markets) but rather a smaller positive contribution to the growth from private consumption.