macropulse

• 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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• Inflation target and rate hikes are still distant

  08.02.2017

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

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• Polish enterprises started investing

  01.02.2017

  Business sentiment in Polish manufacturing (PMI) rose to 54.8 pts in January from 54.3 pts in December, running markedly above our forecast (53.7 pts) and the market consensus (54.0 pts). ...

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• This is the end of economic slowdown

  31.01.2017

  In accordance with the flash estimate, released by GUS today, GDP in Poland rose by 2.8% in 2016 vs. 3.9% in 2015, which was slightly above the market expectations (2.7%). ...

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• Is this the end of the slowdown?

  19.01.2017

  In accordance with GUS data, sold production of industry in enterprises employing more than 9 people rose by 2.3% YoY in December vs. a 3.3% increase in November, which was below our forecast (3.0%) and above the market consensus (1.8%). ...

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• Real wage growth lowest since August 2013

  18.01.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 2.7% YoY in December vs. 4.0% in November, running below our forecast (3.7%) and the market consensus (4.0%). ...

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• We can forget about deflation

  13.01.2017

  In accordance with the final GUS data, CPI inflation rose to 0.8% YoY in December vs. 0.0% in November, running in line with the flash GUS estimate and above our forecast equal to the market consensus (0.5%). The increase in CPI inflation was due to the low base effect from ...

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• MPC to accept negative real interest rates

  11.01.2017

  As we expected, the Monetary Policy Council has left interest rates unchanged today (the reference rate amounts to 1.50%). The bias of the Council's statement has not substantially changed compared to the December statement. ...

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