Poland: retail sales up in June 2022

Polish retail sales went up by 9.3% YoY in June after an 11.2% increase in May, Eurostat, the EU’s statistics agency, reported on August 3. Month on month, retail sales went down by 1%, the agency also said. Eurostat annual growth figures are work-day adjusted, while the monthly growth figures are also seasonally adjusted. Eurostat…

Georgia: Central bank keeps refinancing rate at 11%

The National Bank of Georgia has decided to keep the refinancing rate unchanged at 11% following a meeting of its Monetary Policy Committee on August 3. The country’s financial institution highlighted inflationary risks still remained a “current global challenge”, noting elevated prices on international markets “severely affected” most countries worldwide, including Georgia. “The sanctions imposed…

Poland: manufacturing PMI down in July 2022

Poland’s Purchasing Managers’ Index (PMI) fell to 42.1 points in July from 44.4 points in June, economic researcher S&P Global reported on August 1. Economists polled by PAP predicted the PMI would reach 43.7 points in July. The July reading was the lowest since May 2020. High inflation and lower demand resulting from poor economic…

Georgia: Fitch affirms country at BB credit rating with “stable” outlook

Fitch Ratings, a global financial ratings firm, has affirmed Georgia’s Long-Term Foreign-Currency Issuer Default Rating status at a BB level, with a “stable” outlook for the country’s financial developments. The international credit rating agency said Georgia’s rating was underpinned by “a credible and effective policy framework and stronger governance indicators” relative to peers with the…