Polish industrial production grew by 7.6% YoY, thus decelerating rapidly in recent months. The economy and the labor market must adjust to a new energy shock.
The growth in the deficit was due to the payment of dividends, while the increase in the foreign trade deficit resulted from a decline in exports.
In Estonia, inflation over the year has reached 22.8%. Meanwhile, growth in retail sales and industrial output has slowed down.
The deficit on the CAB shrank 4.5 times, thanks to a dramatic plunge in the foreign trade and the increasing surplus on the balance of services.
In Poland, June CPI rose to 15.5% YoY, where energy carriers were 35.1% more expensive than a year earlier, with fuels +46.7%.
In Estonia, consumer prices rose 21.9% in June over the year, whereas the share of energy in the consumer basket is higher only in Latvia.
In Latvia, inflation was on the rise in June (+19.3% YoY). Businesses transferred the cost increase to the prices and made consumers pay for it.
The amount of payment transactions of EMIs and PIs grew strongly in Q1 2022 and was double the level of a year ago. Revenues grew 3.5 times.
Upward pressure from commodity prices continues and symptoms of a marked economic slowdown are visible in the construction industry.
In Q1 employment in Estonia rose by 5.1% YoY, giving hope on the ability to absorb the shock of a fiscal and monetary tightening.