macropulse

• Labour market – good start of Q2

  18.05.2018

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 7.8% YoY in April from 6.7% in March, running markedly above our forecast equal to the market consensus (7.1%). ...

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• NBP Governor indicates lower bound on interest rates

  16.05.2018

  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 clearly above expectations

  15.05.2018

  In accordance with the GUS data, CPI inflation rose to 1.6% YoY in April vs. 1.3% in March, running in line with the GUS flash estimate and above our forecast equal to the market consensus (1.5%). ...

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• Easter holiday supported retail sales

  23.04.2018

  In accordance with the GUS data released today, retail sales in enterprises employing more than 9 people increased in current prices by 9.2% YoY in March vs. a 7.9% increase in February, running visibly above the market consensus (8.2%) and our forecast (8.3%). ...

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• GDP growth slowed down in Q1

  19.04.2018

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people dropped to 1.8% YoY in March vs. 7.4% in February, running below our forecast (4.4%) and the market consensus (2.9%). ...

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• Base effects hampered wage growth

  18.04.2018

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 6.7% YoY in March from 6.8% in February, running below our forecast (7.0%) and above the market consensus (6.5%). ...

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• Inflation is moving away from the target

  13.04.2018

  In accordance with the GUS data, CPI inflation dropped to 1.3% YoY in March vs. 1.4% in February, running in line with the flash estimate and clearly below our forecast equal to the market consensus (1.6%). ...

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• The NBP Governor has maintained his dovish stance

  11.04.2018

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

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• Mixed impact of frost on retail sales

  21.03.2018

  In accordance with the GUS data released today, retail sales in enterprises employing more than 9 people increased in current prices by 7.9% YoY in February vs. 8.2% in January, running slightly above our forecast (7.8%) and below the market consensus (8.0%). ...

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• Public investments are in full swing

  19.03.2018

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people dropped to 7.4% YoY in February vs. 8.6% in January, running below our forecast (8.3%) and the market consensus (8.1%). ...

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