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1 week ago
Polish Economy Beats Expectations in September
This week is full of data readings for Polish economy for September. We’ve already received very strong industrial production and moderate wage growth readings. Tomorrow we will get construction output data, and on Wednesday, retails sales. They are likely to point to strong – but not booming – GDP growth in 3Q25.
2 weeks ago
The NBP's hawkish cut
Today’s macroeconomic calendar remains empty, with the U.S. market closed for a holiday. The focus returns to geopolitical developments (escalation of the U.S.-China trade conflict) as well as speeches by central bank representatives, including events within the framework of the annual IMF and World Bank meetings. Meanwhile, domestic investors will spend the third week of October analyzing macroeconomic data, including the CPI inflation breakdown for September and the balance of payments for August. The Ministry of Finance will conduct a government bond auction.
1 month ago
Poland: One More Rate Cut Likely Before Year-End
The macro calendar this week is full of noteworthy data releases from Poland. We started today with an upside revision of CPI inflation for September (from 2.8 to 2.9% y/y). Tomorrow the core inflation reading will be published. On Wednesday, the latest consumer sentiment is scheduled, followed on Thursday by figures on industrial production, construction output, and labor market data for September.
2 months ago
Polish macro in summer hibernation
With limited domestic data, last week’s macro focus shifted to the U.S. and eurozone, where GDP and inflation figures weighed the expectations around policy trajectories. This week, Poland remains in a data lull, while markets look, yet again, to releases from the EU and U.S. economies – particularly trade balances, sentiment indices, industrial orders and manufacturing activity.
4 months ago
For the MPC, caution prevails over macroeconomic indicators
Not a lot going on this week. The macro calendar will be empty until Friday. The end of the week brings the release of final CPI data and monthly balance of payments for April.
5 months ago
Poland’s trade balance still in the red
Last week we have learned that Polish economy in 1Q 2025 grew in line with expectations, but the balance of trade in March surprised strongly to the downside. This week will be another interesting time in Polish economy as we will get industrial production, construction output and labour market data for April. We are a bit more optimistic than consensus with regard to the first figure (1.8% vs 0.4% yoy) and in line with consensus with regard to wage growth (8.1% yoy).