macropulse

• MPC lowered the reference rate by 50 bp and announced purchases of treasury bonds

  17.03.2020

  In line with our expectations, the Monetary Policy Council lowered the reference rate from 1.50% to 1.00%. According to the assessment presented in the press release. ...

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• Inflation has peaked

  13.03.2020

  In accordance with the GUS data, CPI inflation rose to 4.7% YoY in February vs. 4.3% in January (revised downwards from 4.4%), running above the market. ...

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• The NBP Governor is lowering the expectations of interest rate cuts

  04.03.2020

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

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• Deceleration in exports, consumption and GDP growth

  28.02.2020

  In accordance with GUS data published today, real GDP growth rate stood at 3.2% YoY in Q4 2019 vs. 3.9% in Q3, running above the flash estimate released by GUS on 14 February 2019 (3.1%). The QoQ economic growth rate dropped from 1.2% in Q3 to 0.2% in Q4, hitting ...

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• Increasingly weaker consumer sentiment is limiting sales growth

  21.02.2020

  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 5.7% YoY in January vs. a 7.5% increase in December. ...

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• Surprisingly strong growth of industrial production

  20.02.2020

  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 decreased to 1.1% YoY in January vs. 3.8% in December 2019. ...

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• Higher minimum pay boosted wage dynamics

  19.02.2020

  he significant acceleration in wage growth in January resulted from a higher-than-last year increase in the minimum pay (in 2019 it was raised by 7.1% while in 2020 it rose by 15.6%). ...

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• Inflation at 8-year high

  14.02.2020

  In accordance with the GUS final data, CPI inflation rose to 4.4% YoY in January vs. 3.4% in December 2019, running above the market consensus (4.1%) and slightly above our forecast (4.3%). ...

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• The MPC will not react to the temporary overshooting of the inflation target

  05.02.2020

  As we expected, the Monetary Policy Council has left interest rates unchanged today (the reference rate amounts to 1.50%). The statement after the meeting has changed considerably to address the issue of inflation standing ...

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• Polish economy slows down faster than expected

  29.01.2020

  In accordance with GUS data published today, GDP in Poland rose by 4.0% in 2019 vs. 5.1% in 2018, running below our forecast (4.2%) that was in line with the market expectations. ...

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