Is this a beginning of a slowdown in private consumption growth?

In accordance with the Polish Central Statistical Office's (GUS) data that have been released today, retail sales in enterprises employing more than 9 people increased in current prices by 4.7% YoY in December vs. an 8.2% increase in November, running significantly below our forecast (8.9%) and the market consensus (7.7%)...

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No inflation pressure in sight

In accordance with the final GUS data, CPI inflation decreased to 1.1% YoY in December vs. 1.3% in November, running in line with the GUS flash estimate and our forecast equal to the market consensus. ... More

Strong deterioration in Polish manufacturing

The PMI index for Polish manufacturing decreased to 47.6 pts in December vs. 49.5 pts in November, which was markedly below the market consensus (49.8 pts) and our forecast (49.5 pts). ... More

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