macropulse

• The NBP Governor has maintained his dovish stance

  11.04.2018

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

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• Mixed impact of frost on retail sales

  21.03.2018

  In accordance with the GUS data released today, retail sales in enterprises employing more than 9 people increased in current prices by 7.9% YoY in February vs. 8.2% in January, running slightly above our forecast (7.8%) and below the market consensus (8.0%). ...

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• Public investments are in full swing

  19.03.2018

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people dropped to 7.4% YoY in February vs. 8.6% in January, running below our forecast (8.3%) and the market consensus (8.1%). ...

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• Slight deceleration of wage growth in February

  16.03.2018

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 6.8% YoY in February from 7.3% in January, running below our forecast consistent with the market consensus (7.3%). ...

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• Lower dynamics of food prices have restrained inflation

  15.03.2018

  In accordance with the GUS data, CPI inflation dropped to 1.4% YoY in February vs. 1.9% in January, running clearly below the market consensus (1.7%) and our forecast (1.6%). ...

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• Interest rates unchanged until the end of 2020?

  07.03.2018

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

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• The production capacity barrier is becoming more and more critical

  01.03.2018

  The business sentiment indicator for Polish manufacturing (PMI) dropped to 53.7 pts in February vs. 54.6 pts in January, running below our forecast (54.5 pts) and the market consensus (54.1 pts). ...

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• Double-digit investment growth in Q4 2017

  28.02.2018

  In accordance with GUS data published today, real GDP growth rate stood at 5.1% YoY in Q4 2017 vs. 4.9% in Q3, running in line with our forecast and the flash estimate released on 14 February 2018. ...

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• Further recovery in investments in Q1

  20.02.2018

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people rose to 8.6% YoY in January vs. 2.7% in December 2017, running above our forecast (7.8%) and the market consensus (8.0%). ...

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• Surprisingly high wage growth rate in January

  16.02.2018

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons have not changed compared to December and amounted to 7.3% YoY, running above our forecast (6.2%) and the market consensus (6.9%). ...

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