macropulse

• MPC divided on negative real interest rates

  05.07.2017

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

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• No worries about construction

  20.06.2017

  In accordance with GUS data, sold production of industry in enterprises employing more than 9 people rose by 9.1% YoY in May vs. a 0.6% decrease in April, which was above our forecast (8.9%) and the market consensus (8.6%). ...

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• Nominal wage dynamics at the highest level since January 2012

  19.06.2017

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• Drop in inflation due to lower dynamics of fuel prices

  12.06.2017

  In accordance with the final GUS data, CPI inflation in May has decreased to 1.9% YoY vs. 2.0% in April, running in line with the flash estimate by GUS, which was equal to the market consensus and below our forecast (2.0%) ...

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• Weak investments raise a slight concern of the MPC

  07.06.2017

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

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• Unexpected deterioration of business sentiment in Polish manufacturing

  01.06.2017

  PMI index for Polish manufacturing dropped to 52.7 pts in May vs. 54.1 pts in April, running below our forecast equal to the market consensus (54.5 pts). ...

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• Largest contribution of private consumption to GDP growth since 2008

  31.05.2017

  In accordance with the today's GUS reading, GDP growth rate in Q1 amounted to 4.0% YoY vs. 2.5% in Q4 2016 and thus was in line with the previously published flash estimate. ...

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• Temporary slowdown of activity in industry and construction

  19.05.2017

  In accordance with GUS data, sold production of industry in enterprises employing more than 9 people dropped by 0.6% YoY in April vs. a 11.1% increase in March, which was significantly below our forecast (2.8%) and the market consensus (2.4%). ...

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• Surprisingly sharp increase in employment in April

  18.05.2017

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 4.1% YoY in April vs. 5.2 % in March, running below our forecast (4.4%) and the market consensus (4.5%). ...

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• MPC sees signs of recovery in investments

  17.05.2017

  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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