Car manufacturing and output in the refining industry drove the contraction, which was not anticipated by analysts.
Saudi Arabia has already restored 2mn barrels per day (bpd) of oil production from the 5.7mnbpd that were knocked out by last weekend’s drone and missile attack on its largest production facilities at Abqaiq and Khurais.
Warsaw and Vilnius fear Moscow will use the pipeline as a geopolitical tool against the region, Ukraine in particular.
Poland finally has the infrastructure to reduce dependence on Russian gas, after it built an LNG terminal in the western town of Swinoujscie.
The missile attack on Saudi Arabia’s Aramco facility in the east of the country on September 15 has become ensnared in a whodunit of confusion and speculation as accusations fly over who was really behind the rocket attack.
The attacks on Saudi oil infrastructure could turn out to be the oil industry’s 9/11. Reacting to the news, JP Morgan said: “Clearly oil assets have been massively mispriced. The assumption that production facilities are secure is wrong."
Inflation is now expected to hover at around 3% y/y until the end of the year before peaking at 3.7-3.8% y/y in the first quarter of 2020.
PiS is campaigning heavily before the October 13 general election in Poland that the incumbent party hopes to win big in order to secure the domination it gained in 2015.
The indicator’s growth attests to the easing of the overall pace at which business conditions deteriorated in August, reflected in slower declines in output, new orders and employment, IHS Markit said.
Domestic demand drove the headline result in April-June, accelerating its growth pace to 4.8% y/y versus 4.2% y/y in the first quarter, while investment growth weakened.
The war, which left Poland in ruins and with 6mn dead, continues to influence politics in the Twitter era — reinforcing reconciliation but also fuelling resentment.
August was the first month to see inflation weaken after half a year of gradual acceleration.
Flexible workplaces and co-working spaces, originally the domain of creatives and solo entrepreneurs, are increasingly attractive to larger companies in their quest to attract and retain talent.
First budget in three decades without a deficit drafted for next year — but critics say it will be amended after this autumn's general election.
Despite the recent consumer boom, all but one of the eastern EU members produces less waste than any western member, a new study from Eurostat shows.
Should more polls confirm the dent in PiS’ popularity, the ruling party might face not winning an outright majority — which it enjoys now — in the general election due on October 13.
While below market expectations, the expansion in July is in line with Poles’ increased consumer spending that is driven by the good situation on the labour market, low unemployment and growing wages in particular.
The July growth follows a decline in June – the first in three years – that was due to fewer working days and surging temperatures. The July data suggest “stable GDP growth in the third quarter,” according to ING.