Western sanctions on Russia are inflicting increasing economic pain, Mateusz Morawiecki, the Polish prime minister, has said. Morawiecki made the claim upon the conclusion of an EU summit in Brussels on May 31 where EU leaders agreed on an oil embargo against Russia, hitting at the foundations of the country’s economy. “The sanctions are slowly…
In more than three months, the support of Ukraine’s allies amounted to $7 billion, Prime Minister Denys Shmyhal announced during a Government session on May 31. “Every day we work and negotiate to increase aid. For example, today we will approve the terms of attracting financial support from the Government of Canada in the amount…
The European Union is set to provide Ukraine with another EUR 9 billion in macro-financial assistance. President of the European Council Charles Michel broke the news on Twitter. “The European Council will continue helping Ukraine with its immediate liquidity needs, together with G7. EUCO is ready to grant Ukraine EUR 9 billion. Strong and concrete…
Compared to Q1 2021, gross domestic product (GDP) rose by 6.7% in Q1 2022, according to seasonally and calendar non-adjusted data at constant prices. GDP at current prices was EUR 8.1 billion. As compared to the previous quarter, GDP went up by 3.6% (according to seasonally and calendar adjusted data at constant prices). Compared to…
Inflation in Poland will stay at a double-digit rate until the end of the year, likely peaking in August, an analyst at the Polish Economic Institute (PIE) has predicted. Marcin Klucznik also said that during the summer, food prices would be 20% up YoY. The Central Statistical Office (GUS) announced on May 31 that the…
Lithuania is planning to spend around 500 million euros on military mobility projects over five years. According to Transport and Communications Minister Marius Skuodis, half of the money is expected to come from the European Commission and the other half from Lithuania’s national budget. Skuodis and Defence Minister Arvydas Anusauskas met to discuss priority projects…
Prices of consumer goods and services (Consumer Price Index, CPI) increased by 13.9% YoY and by 1.7% MoM in May, the Central Statistical Office (GUS) reported on May 31. Analysts surveyed by PAP expected a 13.8% annual hike in consumer prices in May and a 1.6% monthly increase. In April, the prices of consumer goods…