macropulse

• Surprisingly high wage growth rate in January

  16.02.2018

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons have not changed compared to December and amounted to 7.3% YoY, running above our forecast (6.2%) and the market consensus (6.9%). ...

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• Inflation below 2% again

  15.02.2018

  In accordance with the GUS data, CPI inflation in January dropped to 1.9% YoY vs. 2.1% in December 2017, running in line with our forecast equal to the market consensus. ...

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• Growing probability of stable NBP rates until the end of 2018

  07.02.2018

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

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• Strong growth in new orders in Polish manufacturing

  01.02.2018

  Business sentiment indicator for Polish manufacturing (PMI) decreased to 54.6 pts in January vs 55.0 pts in December running below our forecast that was in line with market expectations (55.4 pts). ...

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• 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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