In regard to current macroeconomic developments, at the very start I wish to emphasise that in the period since our previous Report, we have seen the materialisation of some of the key risks to the projection which originate from factors from the international environment and which we underscored at the time.
For the time being, this has not negatively affected the GDP growth dynamics, but has impacted inflation and the current account deficit. The first of these risks concerns the Ukraine conflict, which has not calmed down, but, on the contrary, geopolitical tensions have heightened further, pushing further up global energy prices, which had already been exceptionally high.