Is this a beginning of a slowdown in private consumption growth?

In accordance with the Polish Central Statistical Office's (GUS) data that have been released today, retail sales in enterprises employing more than 9 people increased in current prices by 4.7% YoY in December vs. an 8.2% increase in November, running significantly below our forecast (8.9%) and the market consensus (7.7%)...

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No inflation pressure in sight

In accordance with the final GUS data, CPI inflation decreased to 1.1% YoY in December vs. 1.3% in November, running in line with the GUS flash estimate and our forecast equal to the market consensus. ... More

Strong deterioration in Polish manufacturing

The PMI index for Polish manufacturing decreased to 47.6 pts in December vs. 49.5 pts in November, which was markedly below the market consensus (49.8 pts) and our forecast (49.5 pts). ... More

“Black Friday” boosted retail sales?

In accordance with the Polish Central Statistical Office's (GUS) data that have been released today, retail sales in enterprises employing more than 9 people increased in current prices by 8.2% YoY in November ... More

Accelerating wage fund growth

In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 7.7 % YoY in November from 7.6% in October, running above our forecast (7.1%) and the market consensus ... More

Wide ranging disinflation

In accordance with final GUS data, CPI inflation decreased to 1.3% YoY in November vs. 1.8% in October, running above GUS flash estimate (1.2%). ... More

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