macropulse

• For the first time since Q4 2014 investments are the main engine of economic growth

  30.01.2018

  In accordance with GUS data published today, GDP in Poland rose by 4.6% in 2017 vs. 2.9% in 2016, which was slightly above our forecast (4.5%) that was in line with the market expectations. ...

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• Did economic growth accelerate in Q4?

  19.01.2018

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people dropped to 2.7% YoY in December vs. 9.1% in November, which was slightly below our forecast equal to the market consensus (2.9%). ...

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• Real wage fund growth rate at the highest level since September 2008

  17.01.2018

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 7.3% YoY in December vs. 6.5% in November, running above our forecast (7.2%) and market consensus (6.9%). ...

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• CPI inflation again below the target

  15.01.2018

  In accordance with the final GUS data, CPI inflation in December dropped to 2.1% YoY vs. 2.5% in November, running in line with our forecast and above the flash estimate by GUS equal to the market consensus (2.0%). ...

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• NBP Governor extends the horizon of stable interest rates

  10.01.2018

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

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• Business sentiment in Polish manufacturing continues to improve

  02.01.2018

  Business sentiment indicator for Polish manufacturing (PMI) rose to 55.0 pts in December vs. 54.2 pts in November, running above market expectations (54.7 pts) and our forecast (54.0 pts). ...

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• Slowdown in GDP growth in Q4 less likely

  19.12.2017

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people dropped to 9.1% YoY in November vs. 12.3% in October, which was above the market consensus (9.0%) and our forecast (7.8%). ...

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• Record employment growth in November

  18.12.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 6.5% YoY in November vs. 7.4% in October, running below our forecast (6.9%) and market consensus (7.1%). ...

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• Inflation in target only for a moment

  11.12.2017

  In accordance with the final GUS data, CPI inflation in November rose to 2.5% YoY vs. 2.1% in October, running in line with the flash estimate by GUS and above the market consensus (2.4%) and our forecast (2.3%). ...

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• Latest data have reinforced the dovish bias of the NBP Governor

  05.12.2017

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

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