macropulse

• MPC sees signs of recovery in investments

  17.05.2017

  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 ...

  More

• Economic growth accelerates thanks to investments

  16.05.2017

  In accordance with the today's GUS reading, GDP growth rate in Q1 amounted to 4.0% YoY vs. 2.5% in Q4 2016 and thus was in line with our forecast and above the market consensus (3.9%). Seasonally adjusted GDP increased by 1.0% QoQ in Q1 vs. a 1.7% increase in Q4. ...

  More

• Inflation stabilized in April

  12.05.2017

  In accordance with GUS data, CPI inflation in April has not changed compared to March and amounted to 2.0% YoY, running in line with our forecast equal to the market consensus. ...

  More

• Explosion in construction activity

  20.04.2017

  In accordance with GUS data, sold production of industry in enterprises employing more than 9 people rose by 11.1% YoY in March vs. a 1.2% increase in February, which was significantly above our forecast (7.1%) in line with market consensus. ...

  More

• Sharp but temporary increase in wage dynamics

  19.04.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 5.2% YoY in March vs. 4.0% in February, running above the market consensus (4.6%) and our forecast (4.3%). ...

  More

• Inflation has lost momentum

  11.04.2017

  In accordance with GUS data, CPI inflation dropped to 2.0% YoY in March vs. 2.2% in February, running in line with GUS flash estimate and below our forecast (2.1%) and the market consensus (2.2%). ...

  More

• Boring monetary policy

  05.04.2017

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

  More

• Bad weather (temporarily) stopped recovery in construction

  17.03.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 4.0% YoY in February vs. 4.3% in January 2016, running in line with the market consensus and slightly below our forecast (4.1%). ...

  More

• High increase in employment in February

  16.03.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 4.0% YoY in February vs. 4.3% in January 2016, running in line with the market consensus and slightly below our forecast (4.1%). ...

  More

• Inflation getting closer to the target

  14.03.2017

  In accordance with GUS data, CPI inflation rose to 2.2% YoY in February vs. 1.7% in January, running slightly above our forecast equal to the market consensus (2.1%). ...

  More