macropulse

• MPC not worried about the stronger-than-expected slowdown of economic growth

  04.12.2019

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

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• GDP growth, investments and consumption are slowing down

  29.11.2019

  In accordance with the GUS data published today, GDP growth rate amounted to 3.9% YoY in Q3 vs. 4.6% in Q2, running in line with the flash estimate published earlier. Seasonally-adjusted GDP increased by 1.3% QoQ in Q3 vs. a 0.8% increase in Q2. ...

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• Food sales making up for losses

  25.11.2019

  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 5.4% YoY in October vs. a 5.3% increase in September, running above our forecast (4.0% YoY) and the market consensus (5.1%). ...

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• The collapse in construction is only seeming

  22.11.2019

  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 3.5% YoY in October vs. 5.6% in September. ...

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• Companies reduce employment in reaction to the growing labour costs

  21.11.2019

  According to GUS data published today, nominal wage dynamics in the sector of enterprises employing above 9 people decreased to 5.9% YoY in October vs. 6.6% in September. ...

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• GDP significantly below expectations

  14.11.2019

  In accordance with the GUS final data, CPI inflation decreased to 2.5% YoY in October vs. 2.6% in September, running in line with the GUS flash estimate equal to the market consensus and slightly below our forecast (2.6%). ...

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• NBP projection supports the stabilization of interest rates in Poland

  06.11.2019

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

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• Production and business climate in line with the scenario of soft landing in construction

  22.10.2019

  According to GUS data, the construction-assembly production dynamics rose to 7.6% YoY in September vs. 2.7% in August, running above our forecast (6.5%) and the market consensus (6.6%). ...

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• Surprisingly sharp decline in food sales

  21.10.2019

  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 5.3% YoY in September vs. a 6.0% increase in August. ...

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• Export branches (temporarily) in the lead

  18.10.2019

  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 5.6% YoY in September vs. a -1.3% in August. ...

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