macropulse

  • Economic growth accelerates thanks to investments

    16.05.2017

    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 our forecast and above the market consensus (3.9%). Seasonally adjusted GDP increased by 1.0% QoQ in Q1 vs. a 1.7% increase in Q4. ...

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  • Inflation stabilized in April

    12.05.2017

    In accordance with GUS data, CPI inflation in April has not changed compared to March and amounted to 2.0% YoY, running in line with our forecast equal to the market consensus. ...

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  • Explosion in construction activity

    20.04.2017

    In accordance with GUS data, sold production of industry in enterprises employing more than 9 people rose by 11.1% YoY in March vs. a 1.2% increase in February, which was significantly above our forecast (7.1%) in line with market consensus. ...

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  • Sharp but temporary increase in wage dynamics

    19.04.2017

    In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons rose to 5.2% YoY in March vs. 4.0% in February, running above the market consensus (4.6%) and our forecast (4.3%). ...

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  • 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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