macropulse

• Wage growth continues to be moderate

  21.05.2019

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 7.1% YoY in April vs. 5.7% in March, running above the market consensus (6.6.%) and our forecast (6.7%). ...

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• MPC not worried about surging inflation

  15.05.2019

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

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• Q1 GDP data overshadowed by trade wars

  15.05.2019

  The increase in inflation resulted also from higher core inflation which, according to our estimates, rose to ca. 1.8% YoY in April vs. 1.4% in March. ...

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• Construction impacted by abating investment peak

  24.04.2019

  According to GUS data, the construction-assembly production dynamics decreased to 10.8% YoY in March vs. 15.1% in February, running below the market expectations (11.7%) and above our forecast (9.8%). ...

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• 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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