macropulse

• Inflation has lost momentum

  11.04.2017

  In accordance with GUS data, CPI inflation dropped to 2.0% YoY in March vs. 2.2% in February, running in line with GUS flash estimate and below our forecast (2.1%) and the market consensus (2.2%). ...

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• Boring monetary policy

  05.04.2017

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

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• Bad weather (temporarily) stopped recovery in construction

  17.03.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 4.0% YoY in February vs. 4.3% in January 2016, running in line with the market consensus and slightly below our forecast (4.1%). ...

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• High increase in employment in February

  16.03.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 4.0% YoY in February vs. 4.3% in January 2016, running in line with the market consensus and slightly below our forecast (4.1%). ...

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• Inflation getting closer to the target

  14.03.2017

  In accordance with GUS data, CPI inflation rose to 2.2% YoY in February vs. 1.7% in January, running slightly above our forecast equal to the market consensus (2.1%). ...

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• NBP Governor turns more dovish

  08.03.2017

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

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• Global recovery boosts Polish manufacturing

  01.03.2017

  Business sentiment in Polish manufacturing (PMI) dropped to 54.2 pts in February from 54.8 pts in January, running markedly above the 50 pts threshold dividing expansion from contraction of activity. The February PMI was slightly lower from our forecast (54.6 pts) and the market consensus (54.8 pts). ...

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• Increasingly stronger signals of recovery in construction

  17.02.2017

  In accordance with GUS data, sold production of industry in enterprises employing more than 9 people rose by 9.0% YoY in January vs. a 2.3% increase in December, which was above our forecast (7.6%) and market consensus (7.8%). ...

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• Consumption will slow down despite better-than-expected data from the labour market

  16.02.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 4.3% YoY in January vs. 2.7% in December 2016, running above our forecast equal ...

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• Inflation broke through the lower bound of tolerance band

  13.02.2017

  In accordance with GUS data, CPI inflation rose to 1.8% YoY in January vs. 0.8% in December, running above our forecast equal to the market consensus (1.6%). ...

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