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…
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…
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…
Poland’s Gross Domestic Product (GDP) increased by 8.5% YoY in the first quarter of 2022, the Central Statistical Office (GUS) said on May 31. The figure is in line with GUS’s previous flash estimate. In the fourth quarter of 2021, the country’s GDP rose by 7.6% year, GUS said. Investment went up by 4.3%, private…
Egypt is Poland’s prospective supplier of liquefied natural gas (LNG), Andrzej Duda, the Polish president, said during his visit to Cairo on May 30. While in Egypt, Duda held talks with his Egyptian counterpart, Abdul Fattah al-Sisi. “We believe Egypt is a very prospective partner and we absolutely support negotiations that are going on between…
As many as 98% of Polish municipalities have received aid under the government’s Strategic Investment Programme, Mateusz Morawiecki, the prime minister, has said. According to Morawiecki, each of the municipalities benefiting from the programme has seen at least one project approved. “We need an economic model that is based on solidarity, one in which the…
In the next few years, the expenses related to green transformation, which make it possible for Poland to meet the climate targets of the European economy, may reach even PLN 100 billion annually. Such a huge challenge is impossible to undertake without the involvement and determination of the entire banking sector, as Jerzy Kwiecinski, Vice…