macropulse

• Negative real interest rates do not change MPC bias

  05.06.2019

  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 data confirm breakthrough in investments

  31.05.2019

  In accordance with the GUS data published today, GDP growth rate stood at 4.7% YoY in Q1 vs. 4.9% in Q4 2018, running above the flash estimate that was released earlier (4.6%). ...

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• Phenomenal growth of corporate investments

  23.05.2019

  According to GUS data, the construction-assembly production dynamics rose to 17.4% YoY in April vs. 10.8% in March. ...

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• Polish industry still thrives

  22.05.2019

  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 9.2% YoY in April vs. 5.6% in March, running slightly above the market consensus (9.1%) and our forecast (9.0%). ...

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• 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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