macropulse

• MPC does not see the projection as an argument in favour of hiking rates

  08.11.2017

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

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• Production backlogs in manufacturing are rising

  02.11.2017

  Business sentiment indicator for Polish manufacturing (PMI) dropped to 53.4 pts in October vs. 53.7 pts in September, running slightly below our forecast (53.5 pts) and the market consensus (54.0 pts). ...

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• GDP growth markedly accelerated in Q3

  18.10.2017

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people dropped to 4.3% YoY in September vs. 8.8% in August, which was below the market consensus (5.2%) and our forecast (5.6%). ...

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• Lower wage dynamics in September

  17.10.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 6.0% YoY in September vs. 6.6% in August, running below our forecast (6.9%) and the market consensus (6.2%). ...

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• Food prices spurred inflation

  12.10.2017

  In accordance with the final GUS data, CPI inflation in September has increased to 2.2% YoY vs. 1.8% in August, running in line with the flash estimate by GUS and significantly above the market consensus, which was equal to our forecast (2.0%). ...

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• The MPC expects slightly higher inflation

  04.10.2017

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

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• Increased activity in construction points to rebound in investments

  19.09.2017

  In accordance with GUS data, dynamics of sold production of industry in enterprises employing more than 9 people rose to 8.8% YoY in August vs. 6.2% in July, which was above the market consensus (6.0%) and our forecast (6.7%). Seasonally-adjusted industrial production increased by 3.2% MoM in August. ...

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• The fastest growth of wage fund since September 2008

  18.09.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 6.6% YoY in August vs. 4.9% in July, running markedly above our forecast equal to the market consensus (5.7%). ...

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• Increase in prices limited by lower core inflation

  11.09.2017

  In accordance with the final GUS data, CPI inflation in August has increased to 1.8% YoY vs. 1.7% in July, running in line with the flash estimate by GUS, which was equal to the market consensus, and below our forecast (1.9%). ...

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• MPC waiting for rebound in investments

  06.09.2017

  As we expected, the Monetary Policy Council has left interest rates unchanged today (the reference rate amounts to 1.50%). The MPC maintained the view that "given the available data and forecasts, the current level of interest rates is conducive to keeping the Polish economy on the sustainable growth path and ...

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