macropulse

• Employment Roly-Poly

  19.11.2018

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 7.6% YoY in October from 6.7% in September, running above our forecast (6.5%) and the market consensus (6.7%). ...

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• GDP still surprises to the upside

  14.11.2018

  In accordance with final GUS data, CPI inflation decreased to 1.8% YoY in October vs. 1.9% in September, running in line with our forecast, above GUS flash estimate, and below the market consensus (1.9%). ...

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• MPC not worried about rising energy prices

  08.11.2018

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

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• Polish manufacturing is driving on fumes

  02.11.2018

  The business sentiment indicator for Polish manufacturing (PMI) dropped to 50.4 pts in October vs. 50.5 pts September, running above the market consensus (50.2 pts) and our forecast (49.9 pts). ...

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• New emission standards limited retail sales growth

  19.10.2018

  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 5.6% YoY in September vs. a 9.0% increase in August, running significantly below our forecast (8.2%) and the market consensus (7.6%). ...

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• Economic downturn abroad and supply-side constraints have limited production growth

  17.10.2018

  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 2.8% YoY in September vs. 5.0% in August, running below the market consensus (4.3%) and our forecast (4.5%). ...

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• Fading boom in the labour market

  16.10.2018

  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 September from 6.8% in August, running significantly below our forecast equal to the market consensus (7.1%). ...

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• Drought has limited the decrease in inflation

  15.10.2018

  In accordance with final GUS data, CPI inflation decreased to 1.9% YoY in September vs. 2.0% in August, running above GUS flash estimate (1.8%) and our forecast (1.7%). ...

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• A band instead of a point inflation target

  04.10.2018

  As we expected, the Monetary Policy Council has left interest rates unchanged today (the reference rate amounts to 1.50%). In the statement after the meeting, the Council repeated the view that "the current level of interest rates is conducive to keeping the Polish economy on a sustainable growth path and ...

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• Shopping frenzy continues, sales are high

  21.09.2018

  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 9.0% YoY in August vs. a 9.3% increase in July, running in line with our forecast equal to the market consensus. ...

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