POLAND: Wibor Rates

• MNI: EUROZONE MAY RETAIL SALES +0.2% M/M, +0.2% Y/Y

EZ MAY RETAIL TRADE +0.2% M/M; +0.2% Y/Y; APR +4.0%r Y/Y

• Retail sales all but stalled in May at +0.2% m/m -1.4%r m/m in April.
• Compared with May 2021 a small +0.2% y/y improvement was seen, which beat the forecast of a -0.3% y/y dip.
• A significant disparity exists across EU member states, whereby retail growth was strong in more Eastern European states (Slovenia +25.0%, Poland +11.2% and Hungary +11.1% y/y) whilst more Central European states saw more significant declines (Austria -6.4% y/y, Denmark -5.6% y/y). The data is deflated and calendar adjusted.
• With June PMIs highlighting substantial drop-offs in demand as consumers see their real disposable income dissipating, retail demand outlooks for the upcoming months appear bleak.