macropulse

• Slowdown in GDP growth in Q4 less likely

  19.12.2017

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people dropped to 9.1% YoY in November vs. 12.3% in October, which was above the market consensus (9.0%) and our forecast (7.8%). ...

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• Record employment growth in November

  18.12.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 6.5% YoY in November vs. 7.4% in October, running below our forecast (6.9%) and market consensus (7.1%). ...

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• Inflation in target only for a moment

  11.12.2017

  In accordance with the final GUS data, CPI inflation in November rose to 2.5% YoY vs. 2.1% in October, running in line with the flash estimate by GUS and above the market consensus (2.4%) and our forecast (2.3%). ...

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• Latest data have reinforced the dovish bias of the NBP Governor

  05.12.2017

  As we expected, the Monetary Policy Council has left interest rates unchanged today (the reference rate amounts to 1.50%). ...

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• Labour market hampers recovery in manufacturing

  01.12.2017

  Business sentiment indicator for Polish manufacturing (PMI) rose to 54.2 pts in November vs. 53.4 pts in October, running slightly above our forecast equal to the market expectations (54.0 pts). ...

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• The final GDP reading even higher than the flash estimate

  30.11.2017

  In accordance with the final GUS reading, GDP growth rate rose to 4.9% YoY in Q3 vs. 4.0% in Q2 and thus stood above the flash estimate released earlier (4.7%). ...

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• Industrial production is growing at the fastest rate in 7 years

  20.11.2017

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people rose to 12.3% YoY in October vs. 4.3% in September, which was markedly above the market consensus (10.4%) and our forecast (10.5%). ...

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• Real wage fund growth rate at the highest level since 2008

  17.11.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 7.4% YoY in October vs. 6.0% in September, running above our forecast (6.1%) and the market consensus (6.5%). I ...

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• GDP growth in Q3 above expectations

  14.11.2017

  In accordance with the GUS flash estimate, GDP growth rate in Q3 rose to 4.7% YoY vs. 4.0% in Q2 and thus was slightly above our forecast consistent with the market consensus (4.5%). The higher-than-expected GDP dynamics in Q3 can be, to a certain extent, attributed to the review of ...

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