November data above expectations

In accordance with GUS data, sold production of industry in enterprises employing more than 9 people rose by 3.3% YoY in November vs. a 1.3% decline in October, which was significantly above our forecast (0.0%) and the market consensus (1.8%). Seasonally-adjusted industrial production rose by 2.1% MoM in November.

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Labour market data surprised to the upside

In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons increased to 4.0% YoY in November vs. 3.6% in October, running above our ... More

Inflation is growing due to higher food prices

In accordance with the final GUS data, CPI inflation rose to 0.0% YoY in November vs. -0.2% in October, running in line with the flash GUS estimate and our forecast equal to the market consensus. ... More

Q4 opened poorly

In accordance with GUS data, sold production of industry in enterprises employing more than 9 people declined by 1.3% YoY in October vs. a 3.2% increase in September, which was below our forecast (0.9%) and the market consensus (0.8%). Seasonally-adjusted ... More

Surprising fall in wage dynamics in October

In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 3.6% YoY in October vs. 3.9% in September, running below our ... More

Surprisingly weak Q3 GDP reading

In accordance with the today's GUS reading, GDP growth rate in Q3 amounted to 2.5% YoY vs. 3.1% in Q2 and thus was markedly below our forecast (2.8%) and the market consensus (2.9%). ... More

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