20February2026
Cold January full of downside surprises
Economic Analysis Daily
In today's Eyeopener:
- Today flash PMI readings for February, 4Q GDP and the December PCE inflation in the US
- Sub-zero industrial and construction output growth in January, below expectations
- Slower-than-expected wage growth, a stronger fall in producer prices
- Weaker zloty, market rates edged higher19February2026
A set of January data is due today
Economic Analysis Daily
In today's Eyeopener:
- Today January data on labour market, activity in industry and construction
- In February, consumers assessed better their current situation, but lowered expectations a bit
- MF expects investment growth of 10-11% in 2026
- EURPLN still between 4.21 and 4.22, no significant changes in Polish bond yields18February2026
Stable property prices
Economic Analysis Daily
In today's Eyeopener:
- Today February consumer confidence, US industrial and housing data, January FOMC minutes
- Dąbrowski (MPC) would prefer a rate cut in April rather than March, sees target for NBP rate at 3.5%
- Property prices remained stable in 4Q25
- CEE currencies slightly weaker, bond yields lower17February2026
The budget starts the year in deficit
Economic Analysis Daily
In today's Eyeopener:
- Today inflation data and the ZEW economic sentiment survey in Germany
- Budget deficit amounted to PLN3.7bn after January
- Złoty stable, a slight rise in domestic bond yields16February2026
Inflation remained above 2%
Economic Analysis Daily
In today's Eyeopener:
- Today Eurozone industrial production data
- Polish CPI inflation was 2.2% y/y in January, less than in December, more than expected
- Poland’s current account deficit deepened to €1.7bn in December
- Marginal changes in the foreign currency market, small rise in domestic market interest rates