macropulse

• 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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• Employment decreased again in September

  17.10.2019

  According to GUS data published today, nominal wage dynamics in the sector of enterprises employing above 9 people decreased to 6.6% YoY in September vs. 6.8% in August, running below the market consensus (7.1%) and our forecast (7.4%). ...

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• Drop in dynamics of vegetable prices lowered inflation

  15.10.2019

  In accordance with the GUS final data, CPI inflation decreased in September to 2.6% YoY vs. 2.9% in August, running in line with the GUS flash estimate and below the market consensus (2.8%) and our forecast (2.7%). ...

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• MPC is not concerned about the ECJ’s ruling on CHF loans

  03.10.2019

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

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• Marked deterioration in Polish manufacturing

  01.10.2019

  Polish manufacturing PMI dropped to 47.8 pts in September vs 48.8 pts in August, running slightly below the market consensus (47.9 pts) and above our forecast (47.0 pts). ...

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• Construction-assembly production continues to show a downward trend

  23.09.2019

  According to GUS data, the construction-assembly production dynamics dropped to 2.7% YoY in August vs. 6.6% in July, running above our forecast (0.6%) and slightly below the market consensus (2.8%). ...

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• Statistical effects lowered retail sales

  20.09.2019

  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 6.0% YoY in August vs. a 7.4% increase in July, running below our forecast (6.3% YoY) and the market consensus (6.5%). ...

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