macropulse

• MPC waiting for rebound in investments

  06.09.2017

  As we expected, the Monetary Policy Council has left interest rates unchanged today (the reference rate amounts to 1.50%). The MPC maintained the view that "given the available data and forecasts, the current level of interest rates is conducive to keeping the Polish economy on the sustainable growth path and ...

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• Labour shortages limited production growth

  01.09.2017

  Business sentiment indicator for Polish manufacturing (PMI) rose to 52.5 pts in August vs. 52.3 pts in July, running below our forecast equal to the market consensus (53.0 pts). ...

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• Stagnation in investments continues

  31.08.2017

  In accordance with the today's GUS reading, GDP growth rate in Q2 amounted to 3.9% YoY vs. 4.0% in Q1 and thus was in line with the previously published flash estimate. The quarterly dynamics of seasonally adjusted GDP have not changed in Q2 vs. Q1 and amounted to 1.1%. ...

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• Construction-assembly production growing at the fastest rate since 2012

  18.08.2017

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people rose to 6.2% YoY in July vs. 4.5% in June, which was below the market consensus (8.4%) and our forecast (7.5%). The main reason ...

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• Further solid data from the Polish labour market

  17.08.2017

  In accordance with GUS data published today, nominal wage growth in the sector of enterprises employing more than 9 persons dropped to 4.9% YoY in July vs. 6.0% in June, running below our forecast equal to the market consensus (5.3%). ...

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• Investments supported economic growth

  16.08.2017

  In accordance with the today's GUS flash reading, GDP growth rate in Q2 dropped to 3.9% YoY vs. 4.0% in Q1 and thus was in line with our forecast and above the market consensus (3.8%). The quarterly dynamics of seasonally adjusted GDP have not changed in Q2 vs. Q1 and ...

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• Growth rate of food prices has increased

  11.08.2017

  In accordance with the final GUS data, CPI inflation in July has increased to 1.7% YoY vs. 1.5% in June, running in line with the flash estimate by GUS and above our forecast, which was equal to the market consensus (1.6%). ...

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• Temporary deterioration of sentiment in Polish manufacturing

  01.08.2017

  PMI for Polish manufacturing dropped to 52.3 pts in July vs. 53.1 pts in June, running below our forecast (53.0 pts) and the market consensus (53.3 pts). The deterioration of sentiment recorded in July was mainly caused by a decrease in the sub-indices concerning ...

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• Slight slowdown of economic growth in Q2

  19.07.2017

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people dropped to 4.5% YoY in June vs. 9.1% in May, which was above the market consensus (3.8%) and slightly above our forecast (4.3%). ...

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• Nominal wage dynamics at the highest level since January 2012

  19.07.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 6.0% YoY in June vs. 5.4% in May, running significantly above our forecast (4.9%) and the market consensus (5.0%). ...

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