This paper analyses the convergence of real income of countries in Central, Eastern and South-Eastern Europe (CESEE), which are members of the European Union (EU) according to the most advanced EU economies between 2002 and 2018. The importance of this topic stems not only from the far-reaching implications of real income for economic well-being, but also from the importance of convergence for economic and monetary integration with and within the European Union. The paper identifies stylized convergence facts and analyses the drivers of economic growth from the perspective of the production function, i.e. the accumulation of labor and capital and the growth of total factor productivity, as well as factors that could have some influence on these variables. Based on qualitative and quantitative analysis, factors have been identified that can explain the differences between economies in the region that are converging rapidly and slowly. The most successful CESEE economies have common characteristics in terms of convergence rate. These include, but are not limited to: the opening of the economy reflected in growing trade openness and foreign direct investment inflows, the degree of integration with the European Union, and the growth of external competitiveness combined with improved institutional quality and human capital. Favourable demographic development and a high labor market participation rate are also important factors in the economic growth of CESEE countries. Institutional quality and innovation will be the basis for accelerating and maintaining convergence in the region in the coming decade, and also, addressing the challenges of the negative impacts of an aging population.