macropulse

• Consumer demand still strong

  23.04.2019

  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 3.1% YoY in March vs. a 6.5% increase in February, running below our forecast equal to the market consensus (3.9%). ...

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• Production fuelled by export-construction mix

  18.04.2019

  In accordance with the Polish Central Statistical Office's (GUS) data, the dynamics of sold production of industry in enterprises employing more than 9 people dropped to 5.6% YoY in March vs. 6.9% in February, running significantly above our forecast (4.3%) and the market consensus (4.2%). ...

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• The second highest employment increase registered in March

  17.04.2019

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons amounted to 5.7% YoY in March vs. 7.6% in February, running significantly below our forecast (7.2%) equal to the market consensus. ...

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• Wide range of core inflation increase in March

  15.04.2019

  In accordance with GUS data, CPI inflation rose to 1.7% YoY in March vs. 1.2% in February, running in line with the GUS flash estimate. ...

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• Inflation impulse lurks around the corner?

  03.04.2019

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

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• More data signaling upside risk to GDP growth

  21.03.2019

  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 6.5% YoY in February vs. a 6.6% increase in January, running above the market consensus (6.3%) and below our ...

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• Polish manufacturing still invulnerable

  20.03.2019

  In accordance with the Polish Central Statistical Office's (GUS) data, the dynamics of sold production of industry in enterprises employing more than 9 people rose to 6.9% YoY in February vs. 6.1% in January, running significantly above our forecast (3.5%) and the market consensus (4.8%). ...

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• Considerable increase in employment despite supply-side constraints

  19.03.2019

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons amounted to 7.6% YoY in February vs. 7.5% in January, running above our forecast (7.2%) in line with the market consensus. ...

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• Sharp increase in core inflation in February

  15.03.2019

  In accordance with GUS data, CPI inflation rose to 1.2% YoY in February vs. 0.7% in January (revised downwards from 0.9%), running slightly above the market consensus equal to our forecast (1.1%). ...

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• Fiscal package does not increase the probability of rate hikes

  07.03.2019

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

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