macropulse

• NBP lowered the GDP growth rate forecast for 2016

  09.11.2016

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

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• Business sentiment in Poland weaker than in the region

  02.11.2016

  Business sentiment in Polish manufacturing (PMI) dropped to 50.2 pts in October from 52.2 pts in September, running markedly below our forecast equal to the market expectations (52.9 pts). ...

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• Disappointing data on retail sales

  19.10.2016

  In accordance with GUS data, sold production of industry in enterprises employing more than 9 people rose by 3.2% YoY in August vs. a 7.5% increase in August, which was above our forecast (2.8%) and below the market consensus (3.5%). Seasonally-adjusted industrial production dropped by 0.2% MoM in September. In ...

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• Signals of growing wage pressure are still missing

  18.10.2016

  In accordance with GUS data published today, nominal wage dynamics in the sector of enterprises employing more than 9 persons dropped to 3.9% YoY in September vs. 4.7% in August, running below our forecast (4.4%) and the market consensus (4.6%). In real terms, price-adjusted corporate ...

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• Inflation is increasing due to higher fuel and energy prices

  11.10.2016

  In accordance with the final GUS data, CPI inflation rose to -0.5% YoY in September vs. -0.8% in August, running in line with the flash GUS estimate and below our forecast equal to the market consensus (-0.4%). ...

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• The NBP Governor extends the horizon of stable interest rates

  05.10.2016

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

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