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Archives of Economic comment

Economic Analysis service of the Team of Economists of Santander Bank Polska

23-01-2025
Small rise in sales, improved construction (173.2 kB PDF)
22-01-2025
December full of negative surprises (166.9 kB PDF)
17-01-2025
NBP president strikes an even more hawkish tone (94.8 kB PDF)
15-01-2025
December CPI surprised to the downside, again (151.9 kB PDF)
20-12-2024
Retail sales significantly above consensus (153.2 kB PDF)
19-12-2024
Stronger labour market, output still erratic (176.5 kB PDF)
13-12-2024
Inflation slightly above flash estimate (214.3 kB PDF)
05-12-2024
NBP president delays rate cuts again (134.3 kB PDF)
28-11-2024
No consumption, no investments, inventory buildup (268.5 kB PDF)
26-11-2024
Retail sales are growing again and so are revenues (139.9 kB PDF)
25-11-2024
Industrial output much stronger than expected (252.5 kB PDF)
21-11-2024
Weaker construction and consumer sentiment (147.1 kB PDF)
14-11-2024
The economy hit a bump (172.5 kB PDF)
07-11-2024
Interest rate cuts in mid-2025 (unless GDP slows) (128.2 kB PDF)
06-11-2024
NBP less optimistic on GDP growth (255.1 kB PDF)
31-10-2024
Housing market: short and long-term prospects (619.7 kB PDF)
29-10-2024
Panta rhei - about the expected increase in liquidity (521.0 kB PDF)
22-10-2024
Plunge in retail sales (140.9 kB PDF)
21-10-2024
Data show weakness in September (192.8 kB PDF)
15-10-2024
Inflation gradually up (327.1 kB PDF)
03-10-2024
The flood has (slightly) undermined consumption (795.2 kB PDF)
03-10-2024
2Q25 is the optimal timing for a rate cut? (131.2 kB PDF)
30-09-2024
Inflation rose stronger than expected (192.4 kB PDF)
23-09-2024
Retail sales and construction below expectations (261.8 kB PDF)
19-09-2024
Weak data for August (282.1 kB PDF)
05-09-2024
Rate cuts discussion after inflation stops rising (128.1 kB PDF)
04-09-2024
2025 Budget: Kicking consolidation down the road (808.4 kB PDF)
29-08-2024
2Q: strong consumption and investments above zero (162.6 kB PDF)
26-08-2024
Collapse in investment of large companies (274.0 kB PDF)
22-08-2024
July data suggest a stabilisation of GDP growth (177.2 kB PDF)
21-08-2024
First data for July: not great, not terrible (153.1 kB PDF)
14-08-2024
Polish GDP growth accelerated above 3% y/y (266.0 kB PDF)
31-07-2024
CPI escaped from the target tolerance range (212.3 kB PDF)
22-07-2024
Weaker retail sales and construction output (299.9 kB PDF)
18-07-2024
Industry in the black again (283.7 kB PDF)
15-07-2024
Last month with CPI in target (254.7 kB PDF)
05-07-2024
Silly season (521.3 kB PDF)
04-07-2024
Forget about rate cuts (135.2 kB PDF)
03-07-2024
Inflation temporarily higher, interest rates on hold (211.5 kB PDF)
24-06-2024
Retail sales at 5%, construction output still down (214.0 kB PDF)
20-06-2024
Strong wages amid drop in output and employment (262.2 kB PDF)
14-06-2024
Inflation gradually up (301.2 kB PDF)
06-06-2024
Zero probability of rate cuts this year (112.4 kB PDF)
03-06-2024
1Q GDP: consumption hidden in services (171.0 kB PDF)
23-05-2024
Construction rebound, retail sales still growing y/y (164.9 kB PDF)
22-05-2024
Mighty return of industry, consumers have doubts (289.5 kB PDF)
20-05-2024
Durable goods to enter a new cycle (222.7 kB PDF)
15-05-2024
Acceleration of inflation and GDP (129.3 kB PDF)
10-05-2024
Rate cuts after CPI stabilises near target (121.6 kB PDF)
09-05-2024
Focus on MPC meeting (290.0 kB PDF)
30-04-2024
Inflation rebounded less than expected (210.0 kB PDF)
23-04-2024
Sales were not bad, but we hoped for more (169.0 kB PDF)
15-04-2024
Headline CPI to rise from a slightly higher bottom (256.2 kB PDF)
08-04-2024
4Q: slower investment and decent margins (271.1 kB PDF)
05-04-2024
No room for rate cuts (90.6 kB PDF)
29-03-2024
Headline CPI at local bottom but MPC looks at core (233.9 kB PDF)
26-03-2024
NBP governor’s investigation 101 (140.5 kB PDF)
21-03-2024
Retail sales rebound gained momentum (161.9 kB PDF)
20-03-2024
February numbers surprise to the upside (243.5 kB PDF)
15-03-2024
Inflation entered the target range (159.0 kB PDF)
07-03-2024
The defeated inflation lurking around the corner (107.6 kB PDF)
06-03-2024
More optimistic NBP forecasts (212.0 kB PDF)
29-02-2024
4Q: disappearing consumption and investment rally (146.9 kB PDF)
22-02-2024
Polish consumer entered 2024 with impetus (207.6 kB PDF)
21-02-2024
Freeze of construction works (158.3 kB PDF)
20-02-2024
Strong rebound in wages, weaker output (162.2 kB PDF)
15-02-2024
Inflation fell more than expected once again (137.8 kB PDF)
08-02-2024
Unlikely there will be a majority to cut in 2024 (105.5 kB PDF)
07-02-2024
Only a sustainable target hit counts (128.0 kB PDF)
31-01-2024
Weak GDP in 4Q, no support from consumption (307.4 kB PDF)
22-01-2024
Weak retail sales and wages, strong output (366.2 kB PDF)
15-01-2024
Inflation pressure eased in December (184.1 kB PDF)
10-01-2024
Inflation is gone… but will be back (143.8 kB PDF)
21-12-2023
More data failed to meet expectations (317.7 kB PDF)
20-12-2023
Strong wage growth, output surprised with a decline (373.1 kB PDF)
15-12-2023
CPI stable versus October (181.1 kB PDF)
07-12-2023
Short and sweet (142.6 kB PDF)
30-11-2023
CPI flattens, consumers drive GDP (330.7 kB PDF)
22-11-2023
Hard data and confidence keep going up (374.4 kB PDF)
21-11-2023
Further recovery, high wage growth and PPI drop (197.8 kB PDF)
15-11-2023
Slight upward correction of October CPI (196.4 kB PDF)
09-11-2023
See you in March (141.3 kB PDF)
08-11-2023
MPC surprised again, this time not cutting rates (373.5 kB PDF)
31-10-2023
The last inflation drop like this (184.0 kB PDF)
23-10-2023
Construction goes higher, GDP revision (188.6 kB PDF)
20-10-2023
Strong rise of retail sales (258.4 kB PDF)
19-10-2023
Production is back at the trend (363.6 kB PDF)
13-10-2023
Prices went down in September (178.8 kB PDF)
12-10-2023
Disturbing planned increase in public debt (1165.3 kB PDF)
04-10-2023
Interest rates lower by 25bp (164.2 kB PDF)
22-09-2023
Polish debt and adding India to bond indices (427.2 kB PDF)
21-09-2023
Consumers and builders had a busy August (197.7 kB PDF)
20-09-2023
Output and PPI decline, strong wages and confidence (322.5 kB PDF)
15-09-2023
Another CPI decline (295.2 kB PDF)
07-09-2023
Overdue rate cut, door to more cuts open (141.2 kB PDF)
06-09-2023
One big rate cut instead of three small ones? (170.4 kB PDF)
31-08-2023
CPI a notch above forecasts, GDP below (203.3 kB PDF)
29-08-2023
2024 Budget: Big deficit and even bigger debt (780.9 kB PDF)
22-08-2023
Retail sales, construction – no rebound, no collapse (196.7 kB PDF)
21-08-2023
A chill blow in July data (309.9 kB PDF)
14-08-2023
CPI inflation drop continues (145.9 kB PDF)
08-08-2023
The official start of the campaign (632.5 kB PDF)
31-07-2023
Rising chances for single-digit CPI in August (249.3 kB PDF)
21-07-2023
Retail sales and business sentiment: no breakthru (179.2 kB PDF)
20-07-2023
Economic activity got a bit better (214.9 kB PDF)
14-07-2023
Single-digit CPI inflation is approaching (394.2 kB PDF)
07-07-2023
NBP president hints on interest rate cuts (138.2 kB PDF)
06-07-2023
Inflation target is still far away (293.7 kB PDF)
30-06-2023
CPI below forecasts again (259.6 kB PDF)
22-06-2023
Retail sales and construction below forecast (361.1 kB PDF)
21-06-2023
Output still weak, solid wages, PPI disinflation (315.5 kB PDF)
15-06-2023
CPI down to 13% (173.4 kB PDF)
07-06-2023
MPC happy about inflation fall (120.5 kB PDF)
31-05-2023
Domestic demand in recession, CPI down quickly (199.0 kB PDF)
24-05-2023
Consumers gain optimism, companies invest (204.1 kB PDF)
23-05-2023
Retail sales growth marks the bottom (178.3 kB PDF)
22-05-2023
Output and price growth in industry sharply down (191.8 kB PDF)
15-05-2023
First decline in core inflation (240.8 kB PDF)
11-05-2023
Too early for questions about rate cuts (138.4 kB PDF)
28-04-2023
CPI lower, but core price momentum still high (238.8 kB PDF)
21-04-2023
Labour market is weak, but sentiments improve (297.0 kB PDF)
14-04-2023
Inflation’s first step down, but the target is far away (148.9 kB PDF)
06-04-2023
No conditions for resumption of rate hikes (136.5 kB PDF)
31-03-2023
Inflation does not ease (270.1 kB PDF)
27-03-2023
When will consumption rebound? (236.0 kB PDF)
21-03-2023
Troubled consumption and rise in construction (189.7 kB PDF)
20-03-2023
Wages quite strong, unlike employment and output (192.2 kB PDF)
16-03-2023
Core inflation still on the rise (277.2 kB PDF)
15-03-2023
CPI proved more persistent than expected (175.5 kB PDF)
09-03-2023
Inflation to decline rapidly (151.5 kB PDF)
08-03-2023
Forecasts slighty changed, MPC stressed the target’s importance (311.9 kB PDF)
28-02-2023
Consumption slowed GDP (318.6 kB PDF)
24-02-2023
How did the war affect Polish exports? (418.4 kB PDF)
21-02-2023
Retail sales growth below zero (190.0 kB PDF)
20-02-2023
Weaker production, stronger wages (199.3 kB PDF)
15-02-2023
CPI rose less, but core CPI rose more (287.7 kB PDF)
14-02-2023
Recession is in the air (179.9 kB PDF)
09-02-2023
Too early to talk about rate cuts (137.5 kB PDF)
06-02-2023
How much did refugees add to consumption? (348.5 kB PDF)
30-01-2023
GDP slowed, but less than feared. Consumer weaker (304.6 kB PDF)
23-01-2023
Activity slowing more than expected (316.0 kB PDF)
20-01-2023
Labour market faltered in December (186.5 kB PDF)
13-01-2023
Coal weighed on CPI inflation again (171.2 kB PDF)
21-12-2022
Data above forecasts, again (314.3 kB PDF)
20-12-2022
Output and wages above forecasts, PPI slowing (307.3 kB PDF)
15-12-2022
Cheaper coal sent CPI lower (169.6 kB PDF)
08-12-2022
The cycle remains suspended (139.1 kB PDF)
30-11-2022
Weak consumption in 3Q, unexpected drop of CPI (210.5 kB PDF)
23-11-2022
Profit margins collapsed, weaker retail sales (199.8 kB PDF)
22-11-2022
The economy turned colder in October (197.0 kB PDF)
15-11-2022
Moderate pace of slowdown, inflation below 18% (293.3 kB PDF)
10-11-2022
Current rates level is adequate according to the MPC (184.2 kB PDF)
21-10-2022
Retail sales outcome more solid than in construction (190.7 kB PDF)
20-10-2022
Sweet-and-sour mix of industry, labour market data (195.2 kB PDF)
14-10-2022
CPI is not tired of rising (285.3 kB PDF)
06-10-2022
MPC thinks inflation cannot rise forever (139.6 kB PDF)
05-10-2022
Rates on hold despite higher inflation (189.3 kB PDF)
21-09-2022
Retail sales and construction output above forecasts (284.7 kB PDF)
20-09-2022
Labour market is weakening, PPI refuses to fall (191.8 kB PDF)
15-09-2022
CPI still likely to go higher (283.4 kB PDF)
08-09-2022
Hiking cycle formally not over (139.6 kB PDF)
06-09-2022
2023 Budget: Something is missing (528.1 kB PDF)
31-08-2022
Economy slowing, while inflation growing (328.8 kB PDF)
24-08-2022
Consumer durables in dire straits (315.7 kB PDF)
22-08-2022
Everything slows down (312.2 kB PDF)
19-08-2022
Shrinking economy with expanding labour market (304.9 kB PDF)
17-08-2022
Winter is coming (168.2 kB PDF)
12-08-2022
CPI increased a bit in July (270.7 kB PDF)
21-07-2022
Another delivery of weak June numbers (325.1 kB PDF)
20-07-2022
June data suggesting incoming slowdown (305.9 kB PDF)
15-07-2022
CPI close to peak? (286.5 kB PDF)
08-07-2022
Even closer to the end of cycle? (97.2 kB PDF)
07-07-2022
Hawks getting more dovish (231.3 kB PDF)
01-07-2022
CPI no longer evades forecasts, but PMI does (112.4 kB PDF)
22-06-2022
Sales and construction do not give up yet (223.9 kB PDF)
21-06-2022
Polish economy loses steam (227.4 kB PDF)
09-06-2022
NBP signalling the nearing end of the cycle (97.3 kB PDF)
08-06-2022
Rates up in line with expectations (115.3 kB PDF)
31-05-2022
Swan song of the recovery, further CPI push (314.8 kB PDF)
23-05-2022
Sales blooming, construction drying up (311.3 kB PDF)
20-05-2022
Economy of high numbers (443.0 kB PDF)
13-05-2022
Inflation heading for the top (105.8 kB PDF)
06-05-2022
More inflation = more rate hikes (95.0 kB PDF)
05-05-2022
Policy of uneven steps (115.1 kB PDF)
22-04-2022
1Q22 GDP closer to 8%? (337.8 kB PDF)
21-04-2022
Strong set of March data (414.0 kB PDF)
15-04-2022
CPI at 11% (394.6 kB PDF)
07-04-2022
MPC still in hawkish mode (97.9 kB PDF)
06-04-2022
A Quick Hundred (116.3 kB PDF)
01-04-2022
CPI surpassed 10% easily (283.2 kB PDF)
21-03-2022
Fine sales and construction, turbulences ahead (387.1 kB PDF)
18-03-2022
High economic momentum just before the war (402.4 kB PDF)
15-03-2022
Inflation temporarily lower (429.3 kB PDF)
09-03-2022
Inflation is the only NBP’s worry (102.2 kB PDF)
08-03-2022
Compromise solution (240.3 kB PDF)
28-02-2022
Domestic demand is fuelling GDP growth (324.3 kB PDF)
21-02-2022
Another dose of strong January data (315.8 kB PDF)
18-02-2022
High activity at the start of the year (437.4 kB PDF)
15-02-2022
CPI and GDP high but with no major surprise (305.9 kB PDF)
09-02-2022
NBP Governor wants to be a hawk (95.0 kB PDF)
08-02-2022
Steady rate hikes continue (116.7 kB PDF)
31-01-2022
Growth rate high, but disappointing breakdown (452.9 kB PDF)
21-01-2022
High economic activity at the end of the year (510.8 kB PDF)
14-01-2022
Broad-based acceleration of CPI confirmed (315.5 kB PDF)
04-01-2022
It ain’t over till it’s over (118.3 kB PDF)
21-12-2021
High activity in trade and construction (309.5 kB PDF)
20-12-2021
Remarkable rise of industrial output, high PPI (303.0 kB PDF)
08-12-2021
The tightening cycle continues (123.5 kB PDF)
30-11-2021
Strong demand-driven growth and CPI surprise (338.6 kB PDF)
25-11-2021
Anti-inflation shield to lower prices temporarily (363.6 kB PDF)
23-11-2021
October data keep surprising to the upside (426.6 kB PDF)
22-11-2021
Industrial output and PPI beat forecasts (272.9 kB PDF)
15-11-2021
CPI confirmed at 6.8% and unlikely to ease (255.2 kB PDF)
03-11-2021
Whatever it takes (245.2 kB PDF)
29-10-2021
CPI above expectations again (422.1 kB PDF)
21-10-2021
Construction and sales below expectations (284.2 kB PDF)
20-10-2021
High output after summer break, PPI beats 10% (268.0 kB PDF)
15-10-2021
CPI just under 6%, but will go higher (255.7 kB PDF)
07-10-2021
Neither a cycle nor “one and done” (291.7 kB PDF)
06-10-2021
Central bank removed the punch bowl (315.5 kB PDF)
21-09-2021
Construction recovery, sales a bit stronger (267.1 kB PDF)
20-09-2021
Output disappointed, PPI - on the contrary (258.7 kB PDF)
15-09-2021
August CPI even higher (373.1 kB PDF)
09-09-2021
Gone Till November ? (260.8 kB PDF)
01-09-2021
2022 Budget: deficit under control (575.4 kB PDF)
31-08-2021
GDP and CPI above forecasts again (428.3 kB PDF)
20-08-2021
Weaker sales and construction in holiday month (382.0 kB PDF)
19-08-2021
Industry: prices and volumes are still rising (374.1 kB PDF)
13-08-2021
Solid growth, solid inflation (373.0 kB PDF)
21-07-2021
Sales recovering, construction disappointing (396.8 kB PDF)
20-07-2021
Output still strong, prices in industry up (370.8 kB PDF)
15-07-2021
A slight correction in prices (369.0 kB PDF)
22-06-2021
Positive surprises in trade and construction (280.8 kB PDF)
21-06-2021
Production output and prices keep rising fast (405.8 kB PDF)
15-06-2021
CPI affected by opening of the economy (362.5 kB PDF)
11-06-2021
Monetary policy to be data-driven (265.3 kB PDF)
01-06-2021
Red hot May economic indicators (366.9 kB PDF)
31-05-2021
Strong domestic demand in 1Q21 (455.9 kB PDF)
24-05-2021
Low base boosted production and sales growth (368.2 kB PDF)
20-05-2021
Consumer optimism is rising quickly (257.9 kB PDF)
18-05-2021
“Polish Deal” focused on redistribution (553.8 kB PDF)
14-05-2021
Decent 1Q GDP print, goods inflation rise (265.8 kB PDF)
07-05-2021
NBP changes tone, even if it denies to do so (258.3 kB PDF)
30-04-2021
Jaw-breaking inflation surge (362.5 kB PDF)
22-04-2021
Strong retail sales and housing, revised GDP (283.6 kB PDF)
21-04-2021
March output and wages beat expectations (285.3 kB PDF)
15-04-2021
CPI above 3%, core CPI might have hit 4% (371.5 kB PDF)
07-04-2021
MPC less worried about the zloty? (112.8 kB PDF)
19-03-2021
Retail sales higher thanks to looser restrictions (267.6 kB PDF)
18-03-2021
Constrained output, producer prices let loose (271.7 kB PDF)
16-03-2021
Core CPI and C/A surplus still high (371.4 kB PDF)
15-03-2021
CPI down, but will rise soon (374.3 kB PDF)
03-03-2021
NBP projection upgrade (250.6 kB PDF)
26-02-2021
GDP dragged lower by the second wave (291.2 kB PDF)
23-02-2021
Where is the pent-up demand? (413.4 kB PDF)
19-02-2021
Large drops in retail sales and construction (394.2 kB PDF)
18-02-2021
Output better than the headline suggests (272.2 kB PDF)
17-02-2021
Employment down on sample change (272.9 kB PDF)
15-02-2021
CPI inflation beats market consensus (247.4 kB PDF)
11-02-2021
Inflation is not giving up (440.8 kB PDF)
29-01-2021
Economy in the second dip (421.7 kB PDF)
25-01-2021
December surge of industrial output (260.2 kB PDF)
22-01-2021
Retail sales and construction rebound (270.2 kB PDF)
21-01-2021
Labour market data above expectations (270.5 kB PDF)
15-01-2021
CPI’s sub-target finish of 2020 (420.3 kB PDF)
07-01-2021
CPI melts in December (258.0 kB PDF)
21-12-2020
Retail sales and construction above forecasts (264.3 kB PDF)
30-11-2020
Strong GDP rebound, but a dip ahead (278.7 kB PDF)
23-11-2020
Restrictions dent sales (272.1 kB PDF)
20-11-2020
Industry robustness as moods deteriorate (269.5 kB PDF)
13-11-2020
Solid GDP in Q3, CPI slightly down (369.4 kB PDF)
06-11-2020
Much ado about nothing (239.6 kB PDF)
27-10-2020
Yellow and red zones and consumption (412.1 kB PDF)
21-10-2020
More positive September data (376.9 kB PDF)
20-10-2020
Industry back on track, but for how long? (289.4 kB PDF)
21-09-2020
Flattening recovery (291.2 kB PDF)
18-09-2020
Moderation of output growth (268.0 kB PDF)
17-09-2020
Back to full-time work (261.9 kB PDF)
15-09-2020
Inflation goes below 3% (265.9 kB PDF)
02-09-2020
2021 Budget - Another year with high spending (616.9 kB PDF)
01-09-2020
Lower inflation, lower PMI (279.1 kB PDF)
31-08-2020
The GDP trough is behind (404.7 kB PDF)
27-08-2020
2020 Budget: Amendment with a lot of space (551.6 kB PDF)
21-08-2020
Retail sales up y/y, construction depressed (276.2 kB PDF)
20-08-2020
Production kept growing in July (296.2 kB PDF)
19-08-2020
Good labour data in sweet and sour sauce (285.6 kB PDF)
14-08-2020
2Q GDP not as bad as expected, CPI at 3% (271.2 kB PDF)
22-07-2020
Business and consumer mood keep improving (252.5 kB PDF)
21-07-2020
Sales beat forecasts, construction a bit weaker (288.4 kB PDF)
20-07-2020
Output growth already positive in June (261.3 kB PDF)
15-07-2020
Upside pressure on prices is not letting go (266.2 kB PDF)
14-07-2020
Gloomy outlook, policy unchanged (243.0 kB PDF)
22-06-2020
Customers return to shops (437.5 kB PDF)
19-06-2020
Industry starts climbing out of the trough (265.9 kB PDF)
18-06-2020
More job losses, consumers much less scared (258.7 kB PDF)
16-06-2020
MPC: the zloty should have been weaker (110.5 kB PDF)
15-06-2020
Twofold epidemic impact on prices (367.7 kB PDF)
15-06-2020
Scaled down April trade flows (363.5 kB PDF)
29-05-2020
Weak consumption, strong core inflation (289.2 kB PDF)
28-05-2020
Another emergency rate cut (96.6 kB PDF)
26-05-2020
Labour market: deactivation (314.2 kB PDF)
25-05-2020
Record M3, weak budget and lower margins (270.1 kB PDF)
22-05-2020
Construction resilient to virus, unlike retail sales (271.5 kB PDF)
21-05-2020
A quarter of industrial output gone in April (263.9 kB PDF)
20-05-2020
Big hit to wages and employment in April (276.8 kB PDF)
15-05-2020
CPI and GDP: calm before the storm (260.2 kB PDF)
14-05-2020
Strong March C/A, mild decline of imports (372.0 kB PDF)
23-04-2020
Consumer confidence crash (255.4 kB PDF)
22-04-2020
Collapse of retail sales and business sentiment (343.5 kB PDF)
21-04-2020
The virus reaches industry (258.5 kB PDF)
20-04-2020
Labour market hit by the coronavirus (274.3 kB PDF)
15-04-2020
Inflation has not yielded to the epidemic yet (258.0 kB PDF)
08-04-2020
The shield reinforced (279.5 kB PDF)
20-03-2020
More February data above expectations (282.5 kB PDF)
19-03-2020
Industry was set to recover? (276.3 kB PDF)
19-03-2020
Government’s anti-crisis shield (366.8 kB PDF)
17-03-2020
Emergency rate cut and non-standard easing (95.9 kB PDF)
13-03-2020
CPI surged again, but not for long (279.7 kB PDF)
04-03-2020
Keep calm and stabilize rates (217.2 kB PDF)
28-02-2020
Domestic demand hit the brakes (314.1 kB PDF)
21-02-2020
Construction output up, weak retail sales (510.0 kB PDF)
20-02-2020
Output growth remained positive (257.2 kB PDF)
19-02-2020
Consumer confidence down amid robust wages (270.6 kB PDF)
14-02-2020
Inflation outpaced GDP growth (255.5 kB PDF)
13-02-2020
Effects of China-Poland trade disruptions (539.0 kB PDF)
05-02-2020
Interest rates on hold, again (107.8 kB PDF)
29-01-2020
The slowdown accelerated (282.0 kB PDF)
23-01-2020
Retail sales robust, confidence trending down (256.4 kB PDF)
22-01-2020
Data suggesting further GDP slowdown (262.2 kB PDF)
21-01-2020
Construction falling, wages slowing (268.4 kB PDF)
15-01-2020
CPI soon to cross 4% (253.3 kB PDF)
08-01-2020
2020 Budget: virtual zero (388.0 kB PDF)
08-01-2020
MPC unimpressed by flash CPI (102.5 kB PDF)
07-01-2020
Astonishing rise of inflation (260.0 kB PDF)
20-12-2019
Retail sales’ strong end of the year (287.4 kB PDF)
19-12-2019
Production: nice growth, poor structure (260.9 kB PDF)
18-12-2019
Consumer optimism keeps fading (254.3 kB PDF)
13-12-2019
Services prices still go up (270.0 kB PDF)
29-11-2019
Domestic demand slowing (339.3 kB PDF)
25-11-2019
Retail sales did not disappoint (269.9 kB PDF)
22-11-2019
Fourth quarter will be worse? (295.1 kB PDF)
21-11-2019
Weaker labour market and consumer sentiment (267.9 kB PDF)
14-11-2019
GDP slows down below 4%, CPI hits the target (256.1 kB PDF)
13-11-2019
Current account better than expected (278.5 kB PDF)
06-11-2019
Forecasts with no major changes, and so are MPC views (124.2 kB PDF)
31-10-2019
Inflation back to the target (258.6 kB PDF)
22-10-2019
Building activity moderate, housing booming (284.8 kB PDF)
21-10-2019
Sales weaker due to foods (276.7 kB PDF)
18-10-2019
Output and PPI rebound (259.7 kB PDF)
17-10-2019
Disappointing wage growth (322.9 kB PDF)
15-10-2019
CPI lower, but core inflation accelerated (273.5 kB PDF)
02-10-2019
MPC still supporting stable rates (108.3 kB PDF)
19-09-2019
Disappointment in manufacturing (273.2 kB PDF)
30-08-2019
GDP and CPI only slightly lower (295.7 kB PDF)
30-08-2019
Budget: Zero for the first time (329.9 kB PDF)
21-08-2019
Fading resilience of Polish industry (268.5 kB PDF)
14-08-2019
GDP growth slowing, inflation accelerating (325.8 kB PDF)
03-07-2019
CPI forecasts slightly up, MPC unimpressed (147.6 kB PDF)
15-05-2019
Slightly lower GDP growth, inflation rises (291.7 kB PDF)
18-04-2019
Redistribution rather than easing (385.4 kB PDF)
03-04-2019
MPC: No risk of higher inflationary pressure (122.9 kB PDF)
15-03-2019
Service prices go up (286.2 kB PDF)
06-03-2019
MPC not worried about fiscal impulse (148.5 kB PDF)
27-02-2019
New proposals by PiS (307.1 kB PDF)
31-01-2019
Say goodbye to five percent growth (413.7 kB PDF)
15-01-2019
Inflation trough set in December? (240.6 kB PDF)
09-01-2019
MPC clearly more dovish (114.0 kB PDF)
21-12-2018
Poles went shopping (237.9 kB PDF)
19-12-2018
November above forecasts (252.9 kB PDF)
14-12-2018
Anemic growth of services prices (238.9 kB PDF)
05-12-2018
MPC keeps calm (118.4 kB PDF)
30-11-2018
Non-inflationary Growth (304.9 kB PDF)
22-11-2018
Sales much better than in September (242.6 kB PDF)
20-11-2018
Output recovered from weakness (243.4 kB PDF)
19-11-2018
Wage growth leapt higher (237.4 kB PDF)
14-11-2018
GDP beats expectations, CPI under control (248.0 kB PDF)
07-11-2018
Inflation projection up, MPC views stable (135.2 kB PDF)
19-10-2018
Sales did not deliver (241.9 kB PDF)
17-10-2018
Output close to our pessimistic call (249.2 kB PDF)
16-10-2018
Employment slows down, housing market stays strong (243.9 kB PDF)
15-10-2018
Quite strong foreign trade turnover in August (245.9 kB PDF)
15-10-2018
CPI down, but will climb again (241.1 kB PDF)
15-10-2018
Quite strong foreign trade turnover in August (245.9 kB PDF)
15-10-2018
CPI down, but will climb again (241.1 kB PDF)
03-10-2018
MPC: Short message (114.4 kB PDF)
01-10-2018
CPI and PMI decreased more than expected (96.7 kB PDF)
21-09-2018
Retail sales remain strong (94.0 kB PDF)
19-09-2018
Data suggesting some economic slowdown (151.4 kB PDF)
18-09-2018
The lowest wage bill growth in a year (92.3 kB PDF)
13-09-2018
Rise of services inflation (94.9 kB PDF)
05-09-2018
Oasis of stable rates (201.3 kB PDF)
04-09-2018
Spending does not rip in pre-election budget (415.3 kB PDF)
31-08-2018
Strong growth, weak investment, inflation clinging to 2% (593.6 kB PDF)
22-08-2018
Sales below forecast, but still not bad (511.6 kB PDF)
20-08-2018
Strong start of 2H18 in industry (300.6 kB PDF)
17-08-2018
Labour market a bit weaker in July (312.9 kB PDF)
14-08-2018
Stable economic growth, stable inflation (541.3 kB PDF)
13-08-2018
Higher than expected import in June (469.6 kB PDF)
31-07-2018
Inflation unchanged in July (284.1 kB PDF)
20-07-2018
Consumers had more time to buy durables in June (265.2 kB PDF)
18-07-2018
Production consistent with 5% GDP growth in 2Q18 (527.6 kB PDF)
17-07-2018
Employment growth holds, wage growth accelerates (168.0 kB PDF)
16-07-2018
Growth in foreign trade remained lackluster (322.7 kB PDF)
13-07-2018
Inflation – Poland 2:0 (287.0 kB PDF)
11-07-2018
No change in monetary policy outlook (586.1 kB PDF)
02-07-2018
Inflation grew, but less than expected (311.1 kB PDF)
21-06-2018
Scorching heat not enough to end inflation freeze (360.2 kB PDF)
21-06-2018
Retail sales on May vacation (264.9 kB PDF)
21-06-2018
Scorching heat not enough to end inflation freeze (360.2 kB PDF)
21-06-2018
Retail sales on May vacation (264.9 kB PDF)
19-06-2018
Output beats forecasts (239.8 kB PDF)
18-06-2018
Wage growth back to 7% y/y (264.5 kB PDF)
14-06-2018
CPI a notch higher in May (233.6 kB PDF)
07-06-2018
Can Polish companies afford wage hikes and no inflation? (273.8 kB PDF)
06-06-2018
Still no reason to change rates (196.0 kB PDF)
30-05-2018
GDP above, CPI below forecasts, again (592.1 kB PDF)
23-05-2018
Retail sales weakness unlikely to last (254.6 kB PDF)
21-05-2018
Construction: less growth in output, more in prices (274.2 kB PDF)
18-05-2018
Wage growth surprised to the upside (264.7 kB PDF)
16-05-2018
Rates still flat in 2020? (197.8 kB PDF)
15-05-2018
GDP growth above 5% again (264.3 kB PDF)
14-05-2018
March C/A: Airplane instead of automobiles (301.3 kB PDF)
23-04-2018
Enough time to shop in March (436.4 kB PDF)
19-04-2018
Weaker end of the quarter (243.0 kB PDF)
18-04-2018
Deceptive stabilization (293.0 kB PDF)
18-04-2018
New (not that costly) government projects (172.0 kB PDF)
13-04-2018
CPI dragged lower by core categories (233.7 kB PDF)
11-04-2018
It’s all like a dream (349.3 kB PDF)
11-04-2018
Weighing S&P’s options ahead of Poland’s review (232.3 kB PDF)
04-04-2018
Fading inflation, core CPI the lowest in a year (260.9 kB PDF)
21-03-2018
Retail sales supported by February freeze (325.3 kB PDF)
19-03-2018
Demand boom in construction sector continues (245.9 kB PDF)
16-03-2018
Labour market data slightly below forecasts (289.2 kB PDF)
15-03-2018
Inflation out of the band (267.3 kB PDF)
07-03-2018
Food for doves (364.1 kB PDF)
28-02-2018
Long-awaited investment rebound in 4Q17 (338.7 kB PDF)
20-02-2018
Sharp rebound in construction sector (562.3 kB PDF)
19-02-2018
Employees’ Capital Plans (PPK) (350.4 kB PDF)
16-02-2018
Labour market carries momentum into 2018 (236.2 kB PDF)
16-02-2018
Labour market carries momentum into 2018 (236.2 kB PDF)
15-02-2018
Inflation slowed down in January (253.8 kB PDF)
14-02-2018
Schroedinger’s GDP (531.7 kB PDF)
13-02-2018
Surprisingly weak exports (305.5 kB PDF)
07-02-2018
Lower chances for rate hikes in 2018 (355.5 kB PDF)
30-01-2018
GDP growth beats forecasts once again (340.1 kB PDF)
19-01-2018
Firm pace of output, disappointing retail sales (282.1 kB PDF)
17-01-2018
Employment up to 4.6% y/y, wages beat expectations (169.2 kB PDF)
15-01-2018
Inflation down to 2.1% y/y, imports surprised on the upside (251.1 kB PDF)
10-01-2018
Hawks losing their claws (201.1 kB PDF)
19-12-2017
Strong data on real economic activity (278.2 kB PDF)
18-12-2017
Employment above expectations, wages a bit weaker (167.9 kB PDF)
11-12-2017
CPI on target, egg prices sharply up (233.8 kB PDF)
05-12-2017
MPC immune to strong data (296.7 kB PDF)
30-11-2017
GDP growth near 5%! (579.3 kB PDF)
30-11-2017
Inflation finally on target (460.0 kB PDF)
30-11-2017
GDP growth near 5%! (579.3 kB PDF)
30-11-2017
Inflation finally on target (460.0 kB PDF)
20-11-2017
Good start of the fourth quarter (284.9 kB PDF)
17-11-2017
Wage growth strongest since 2009 (320.7 kB PDF)
14-11-2017
GDP growth higher than expected again (318.7 kB PDF)
13-11-2017
Lower inflation, higher export (308.4 kB PDF)
08-11-2017
New projection is not enough (214.4 kB PDF)
07-11-2017
MPC meeting and NBP projection preview (365.5 kB PDF)
16-10-2017
Export beats import (287.8 kB PDF)
12-10-2017
Core CPI awakens (307.4 kB PDF)
04-10-2017
CPI at 3.5% is unimaginable (199.3 kB PDF)
19-09-2017
August acceleration of output and sales (302.4 kB PDF)
18-09-2017
Rise of wage pressure or another distortion? (195.2 kB PDF)
13-09-2017
Trade balance remained negative in July (298.9 kB PDF)
06-09-2017
Still no reason to discuss interest rate hikes (286.8 kB PDF)
31-08-2017
Consumption still main engine of GDP growth (320.7 kB PDF)
18-08-2017
Surge in construction output (457.1 kB PDF)
17-08-2017
Employment back at 4.5% y/y (263.9 kB PDF)
16-08-2017
GDP growth still near 4% y/y (329.4 kB PDF)
11-08-2017
Food prices push CPI up (307.2 kB PDF)
04-08-2017
EURPLN seasonality (368.9 kB PDF)
19-07-2017
Solid end of the second quarter (550.1 kB PDF)
18-07-2017
Wage growth highest in 5 years (262.9 kB PDF)
14-07-2017
Current account balance below forecasts (299.5 kB PDF)
05-07-2017
Smells like stability (364.5 kB PDF)
20-06-2017
Construction sector cooled down in May (524.0 kB PDF)
19-06-2017
Wages accelerated to 5.4% y/y, employment growth disappointed (320.3 kB PDF)
13-06-2017
Reduced C/A deficit in April, core CPI decreased to 0.8% y/y (321.3 kB PDF)
12-06-2017
CPI goes below 2% y/y (292.7 kB PDF)
07-06-2017
The ‘wait and see’ rhetoric continues (201.4 kB PDF)
01-06-2017
Cracks in the sentiment – PMI down (294.1 kB PDF)
31-05-2017
Investments continued to decline in 1Q17 (347.0 kB PDF)
19-05-2017
Output and sales below expectations (335.3 kB PDF)
18-05-2017
Big monthly increase in employment, wage growth softened in April (295.0 kB PDF)
17-05-2017
4% GDP growth not an argument for a rate hike (198.7 kB PDF)
16-05-2017
GDP growth accelerated to 4.0% y/y (220.0 kB PDF)
15-05-2017
Strong March in Polish foreign trade, core CPI up to 0.9% y/y (321.2 kB PDF)
12-05-2017
CPI in line with expectations, M3 below forecasts (323.8 kB PDF)
21-04-2017
March data suggest strong GDP growth in 1Q17 (500.4 kB PDF)
13-04-2017
C/A deficit above forecasts (310.6 kB PDF)
11-04-2017
Cheaper vegetables pulled CPI down (289.7 kB PDF)
17-03-2017
Production and retail sales support moderate optimism (335.7 kB PDF)
16-03-2017
Good news from the labour market and balance of payments (318.2 kB PDF)
14-03-2017
Inflation higher due to vegetable prices (356.0 kB PDF)
08-03-2017
The central bank is not going to hurry with rate hikes (255.8 kB PDF)
28-02-2017
4Q16 GDP with no surprises (248.1 kB PDF)
17-02-2017
Production and sales surprised positively in January (335.5 kB PDF)
17-02-2017
Production and sales surprised positively in January (335.5 kB PDF)
16-02-2017
Employment growth fastest since 2008 (292.0 kB PDF)
14-02-2017
We did not fall in love with 4Q16 GDP data (318.7 kB PDF)
13-02-2017
Inflation rising faster than expected (305.0 kB PDF)
08-02-2017
MPC ready for 'temporarily' negative real rates (207.1 kB PDF)
31-01-2017
GDP growth in2016 slightly above expectations (339.4 kB PDF)
19-01-2017
Production better than expected again (327.2 kB PDF)
18-01-2017
Wages slowing despite strong demand for labour (318.9 kB PDF)
13-01-2017
This year inflation will be higher than expected (302.9 kB PDF)
11-01-2017
Absolutely no room for rate hikes in 2017 (205.1 kB PDF)
19-12-2016
November surprised to the upside (307.4 kB PDF)
16-12-2016
Solid employment and wages (235.7 kB PDF)
14-12-2016
Exports in red (320.5 kB PDF)
12-12-2016
End of deflation in Poland (234.5 kB PDF)
30-11-2016
Weak GDP data, 4Q closer to 1% than 2% y/y (295.0 kB PDF)
21-11-2016
Weak data again, Q4 GDP might be below 2% y/y (248.5 kB PDF)
18-11-2016
Wage growth slowing despite strong employment (291.9 kB PDF)
15-11-2016
GDP growth lowest in three years (238.1 kB PDF)
14-11-2016
Export weakening, deflation's end is nigh (300.7 kB PDF)
09-11-2016
MPC still sees no reason to change policy (215.5 kB PDF)
19-10-2016
Production and sales below forecast (302.0 kB PDF)
18-10-2016
Very fast employment growth (220.9 kB PDF)
14-10-2016
Exports disappointed again (287.4 kB PDF)
11-10-2016
Highest CPI this year (254.0 kB PDF)
11-10-2016
Highest CPI this year (254.0 kB PDF)
05-10-2016
Nothing interesting, again (202.4 kB PDF)
19-09-2016
Disaster in construction, quite well in industry (338.0 kB PDF)
16-09-2016
Employment growth considerably below forecasts (223.2 kB PDF)
13-09-2016
Exports below forecasts (319.4 kB PDF)
12-09-2016
Food pushed CPI up (234.8 kB PDF)
07-09-2016
Post-MPC comment - The MPC is not even thinking about a rate cut (205.6 kB PDF)
30-08-2016
Investment disappointed but export was strong in Q2 (345.6 kB PDF)
18-08-2016
Weak data on activity at the start of Q3 (336.8 kB PDF)
17-08-2016
Wages surprised, employment in line with expectations (169.8 kB PDF)
12-08-2016
GDP growth failed to accelerate significantly in 2Q16 (354.2 kB PDF)
21-07-2016
Lower retirement age: A step in the wrong direction (338.9 kB PDF)
19-07-2016
Output and sales suggest stabilisation of GDP growth in Q2 (309.4 kB PDF)
18-07-2016
Wages and employment above expectations (320.2 kB PDF)
14-07-2016
Foreign trade disappointed strongly (301.8 kB PDF)
11-07-2016
Inflation in line with expectations (287.8 kB PDF)
06-07-2016
Lower growth forecast, but not (yet?) refi rate (220.0 kB PDF)
17-06-2016
Output and sales below expectations (337.7 kB PDF)
16-06-2016
Labour market in shape but wages dissapointed (318.3 kB PDF)
13-06-2016
Final CPI slightly above flash reading (310.7 kB PDF)
31-05-2016
GDP slowdown mainly due to falling investments (349.7 kB PDF)
19-05-2016
Good start of Q2 in industry and trade (307.1 kB PDF)
18-05-2016
Labour market shows no signs of slowdown (320.0 kB PDF)
13-05-2016
Low GDP, deeper core deflation (371.4 kB PDF)
12-05-2016
CPI at the lowest level this year? (288.6 kB PDF)
06-05-2016
Status quo in monetary policy (201.6 kB PDF)
19-04-2016
Surprisingly weak March (345.7 kB PDF)
18-04-2016
Employment above expectations (169.2 kB PDF)
13-04-2016
Import accelerated more than export (288.3 kB PDF)
06-04-2016
Not any closer to rate cut (205.3 kB PDF)
17-03-2016
Output and sales above expectations (249.2 kB PDF)
16-03-2016
Labour market still strong, core deflation (315.1 kB PDF)
15-03-2016
Inflation below zero, current account in surplus (339.8 kB PDF)
11-03-2016
Post-MPC comment - New MPC continues old policy (215.0 kB PDF)
29-02-2016
Solid GDP growth in 4Q2015 (335.6 kB PDF)
17-02-2016
Output and sales below expectations (307.3 kB PDF)
16-02-2016
Wage and employment growth accelerated (193.1 kB PDF)
12-02-2016
GDP up, deeper (and longer) deflation (0.0 kB PDF)
03-02-2016
Better to wait than to expose economy to additional risks (205.5 kB PDF)
26-01-2016
Solid economic growth at the end of the year (326.5 kB PDF)
21-01-2016
Industrial production and retail sales growing quicky (307.7 kB PDF)
20-01-2016
Strong employment growth at the end of 2015 (224.8 kB PDF)
15-01-2016
Deflation could last until 3Q16 (233.0 kB PDF)
14-01-2016
Farewell on a dovish note (203.9 kB PDF)
13-01-2016
Big trade surplus thanks to high exports (298.4 kB PDF)
17-12-2015
Economic activity indicators surprise to the upside (301.9 kB PDF)
16-12-2015
Labour market above expectations (262.8 kB PDF)
15-12-2015
CPI surprises due to lower food prices (233.5 kB PDF)
14-12-2015
Current account deficit below expectations (326.3 kB PDF)
30-11-2015
GDP above, CPI below expectations (346.4 kB PDF)
19-11-2015
Industrial output and retail sales surprise to the upside (254.5 kB PDF)
18-11-2015
Employment surprised to the upside (315.8 kB PDF)
13-11-2015
Stable GDP growth, inflation slightly higher (376.2 kB PDF)
04-11-2015
Small changes in the projection (0.0 kB PDF)
28-10-2015
Poland: General Elections - The Winner Takes it All (702.9 kB PDF)
19-10-2015
Construction under water at the end of third quarter (307.2 kB PDF)
16-10-2015
Wage growth accelerating (259.0 kB PDF)
15-10-2015
Inflation temporarily lower (289.1 kB PDF)
14-10-2015
Optimistic exports and companies' loans (337.5 kB PDF)
06-10-2015
MPC not concerned about the economy (201.1 kB PDF)
17-09-2015
Production and sales below expectations (315.1 kB PDF)
16-09-2015
Employment surprised to the upside (317.4 kB PDF)
15-09-2015
Inflation above expectations (286.7 kB PDF)
14-09-2015
Trade deficit due to weaker exports (337.8 kB PDF)
02-09-2015
No change (201.8 kB PDF)
28-08-2015
Weaker investment growth weighed on GDP (343.3 kB PDF)
18-08-2015
Labour market data positive and line with expectations (297.7 kB PDF)
13-08-2015
Surprising economic data (330.0 kB PDF)
17-07-2015
Economic activity is rising (245.2 kB PDF)
16-07-2015
Disappointing data from the labour market (145.2 kB PDF)
15-07-2015
Slow rebound of CPI inflation (233.2 kB PDF)
14-07-2015
Highest trade surplus ever (304.0 kB PDF)
08-07-2015
Greek turmoil without impact on NBP projection (215.0 kB PDF)
18-06-2015
Output below expectations (302.8 kB PDF)
17-06-2015
Wage growth fades, employment rises gradually (237.7 kB PDF)
15-06-2015
Inflation and current account surplus slightly lower than expected (322.3 kB PDF)
03-06-2015
Nothing new in the monetary policy (201.6 kB PDF)
29-05-2015
All the growth engines are on (341.5 kB PDF)
26-05-2015
Wind of change (282.1 kB PDF)
19-05-2015
Labour market data following the trend (291.8 kB PDF)
15-05-2015
Polish economy keeps surprising to the upside (337.8 kB PDF)
14-05-2015
CPI rebounds (126.7 kB PDF)
06-05-2015
Monetary policy on hold (200.7 kB PDF)
20-04-2015
Output and sales above expectations (162.9 kB PDF)
17-04-2015
Strong wage growth, GDP growth higher (140.1 kB PDF)
15-04-2015
No (even a verbal) action from the MPC (124.5 kB PDF)
15-04-2015
Inflation bottoming out, but slowly (124.1 kB PDF)
15-04-2015
No (even a verbal) action from the MPC (124.5 kB PDF)
15-04-2015
Inflation bottoming out, but slowly (124.1 kB PDF)
13-04-2015
Recovery in Europe fuelling Polish exports (134.3 kB PDF)
18-03-2015
Strong manufacturing, weak retail sales (157.4 kB PDF)
17-03-2015
No big surprise from the labour market (125.6 kB PDF)
16-03-2015
Record-high trade surplus (171.5 kB PDF)
13-03-2015
Inflation trough below expectations (141.2 kB PDF)
04-03-2015
Last actions heroes (156.6 kB PDF)
18-02-2015
A lot of new data, but picture barely changed (165.5 kB PDF)
17-02-2015
Real wage growth accelerating (130.0 kB PDF)
13-02-2015
Lower GDP growth, lower CPI, lower C/A balance (166.5 kB PDF)
04-02-2015
Rate cut getting closer (148.2 kB PDF)
27-01-2015
Growth slightly slowed down in 4Q2014 (149.5 kB PDF)
21-01-2015
Industry surprised to the upside (145.1 kB PDF)
20-01-2015
Labour market not losing steam (139.3 kB PDF)
15-01-2015
Deflation surprised again (124.6 kB PDF)
14-01-2015
NBP governor still in minority (150.0 kB PDF)
13-01-2015
Domestic demand fuelling import growth (121.8 kB PDF)
23-12-2014
Ambiguous signals from consumer sector (164.0 kB PDF)
17-12-2014
New data confirm slowdown in 4Q2014 (141.8 kB PDF)
16-12-2014
Employment grows without pressure on wages (143.6 kB PDF)
15-12-2014
Deflation is here to stay for longer (171.7 kB PDF)
03-12-2014
Door to rate cut open a bit wider? (152.0 kB PDF)
28-11-2014
Solid GDP growth driven by domestic demand (139.1 kB PDF)
25-11-2014
Improving labour market supports private consumption (145.8 kB PDF)
20-11-2014
Production data show further slowdown (144.1 kB PDF)
19-11-2014
Employment and wages keep growing (150.0 kB PDF)
14-11-2014
GDP growth still above 3% (142.6 kB PDF)
13-11-2014
Deflation can last longer than until the year-end (150.1 kB PDF)
05-11-2014
Which button did they press: pause or stop? (146.7 kB PDF)
23-10-2014
Warm September cooled down retail sales (146.9 kB PDF)
17-10-2014
Output rebounded (seasonally) (141.3 kB PDF)
15-10-2014
Inflation still below zero, but above forecast (129.6 kB PDF)
14-10-2014
Exports decelerates, money supply accelerates (121.3 kB PDF)
08-10-2014
First cut is the deepest (123.0 kB PDF)
23-09-2014
Retail sales slowing down (141.5 kB PDF)
17-09-2014
Weak output is not just a seasonal phenomenon (136.5 kB PDF)
16-09-2014
Wage pressure stays subdued (126.3 kB PDF)
15-09-2014
Price drop accelerating (151.2 kB PDF)
03-09-2014
All is not lost that is delayed (124.2 kB PDF)
29-08-2014
Positive surprise from investment growth (137.4 kB PDF)
26-08-2014
Retail sales did not disappoint this time (146.5 kB PDF)
20-08-2014
Weak construction, deep PPI deflation (143.0 kB PDF)
19-08-2014
Moderate growth of employment and wages (127.1 kB PDF)
23-07-2014
Unemployment lower, but sales very weak (146.9 kB PDF)
17-07-2014
Weak in industry, strong in construction (142.6 kB PDF)
16-07-2014
Employment in line with expectations, wage growth slowed down (146.6 kB PDF)
15-07-2014
CPI slightly up, but will be sub-zero during summer vacations (135.6 kB PDF)
14-07-2014
Instant comment - Export keeps accelerating (146.5 kB PDF)
02-07-2014
Post-MPC Comment - Neutral bias instead of forward guidance (124.1 kB PDF)
26-06-2014
Retail sales below expectations (146.0 kB PDF)
18-06-2014
Belka stays... and the bad taste as well (189.7 kB PDF)
18-06-2014
Production and PPI below forecasts (141.5 kB PDF)
18-06-2014
Belka stays... and the bad taste as well (189.7 kB PDF)
18-06-2014
Production and PPI below forecasts (141.5 kB PDF)
17-06-2014
Higher wage growth supporting higher consumption (141.3 kB PDF)
13-06-2014
Inflation record low again, exports going up (204.2 kB PDF)
03-06-2014
Cuts cannot be ruled out, but unlikely (122.6 kB PDF)
30-05-2014
Domestic demand supports the GDP growth (134.9 kB PDF)
26-05-2014
Labour market improvement supporting consumption (142.3 kB PDF)
20-05-2014
Solid data from industry, PPI deflation (140.3 kB PDF)
19-05-2014
Moderate wage pressure (134.8 kB PDF)
15-05-2014
Continuation of non-inflationary growth (175.3 kB PDF)
14-05-2014
Inflation close to zero again (152.0 kB PDF)
07-05-2014
Another (117.6 kB PDF)
07-05-2014
Another "non-thrilling" conference (117.6 kB PDF)
24-04-2014
Retail sales weaker, but unemployment went down (147.7 kB PDF)
17-04-2014
Output data under impact of weather (140.6 kB PDF)
16-04-2014
Higher labour income supporting consumption (148.1 kB PDF)
15-04-2014
No surprise from March CPI (128.2 kB PDF)
11-04-2014
Foreign trade data surprised on the negative side (144.1 kB PDF)
09-04-2014
Nothing exciting until July (118.7 kB PDF)
25-03-2014
Data confirm the recovery in private consumption (140.3 kB PDF)
19-03-2014
Production growth confirms economic recovery (139.5 kB PDF)
18-03-2014
Labour income growth accelerating (145.9 kB PDF)
17-03-2014
Strong acceleration in trade, core inflation low (143.9 kB PDF)
14-03-2014
Inflation still low (140.4 kB PDF)
05-03-2014
Longer period of stable rates (127.0 kB PDF)
28-02-2014
GDP expanded in line with expectations (137.6 kB PDF)
24-02-2014
Good data on sales and unemployment (141.5 kB PDF)
19-02-2014
Output data better than expected (139.5 kB PDF)
18-02-2014
Disappointing data from the labour market (135.8 kB PDF)
14-02-2014
Economy accelerating, inflation still low (142.9 kB PDF)
12-02-2014
Current account gap declined to 1.5% of GDP (139.0 kB PDF)
05-02-2014
Will it get more interesting only in July? (122.1 kB PDF)
30-01-2014
Economic recovery in Poland gaining speed (135.8 kB PDF)
24-01-2014
Retail sales up, unemployment down (143.0 kB PDF)
20-01-2014
Moderate growth in wages and employment (133.7 kB PDF)
17-01-2014
Current account deficit lower than expected (140.7 kB PDF)
15-01-2014
Slightly higher inflation in December (127.9 kB PDF)
08-01-2014
March meeting will be more interesting (120.8 kB PDF)
23-12-2013
Moderately optimistic retail sales and unemployment (135.9 kB PDF)
18-12-2013
Strong data from industry and construction, PPI still in the red (141.8 kB PDF)
17-12-2013
Labour market getting better and better (131.4 kB PDF)
13-12-2013
Inflation lower, current account deficit higher (139.8 kB PDF)
04-12-2013
Nihil novi… Will this be the case until mid-2014? (123.9 kB PDF)
29-11-2013
Domestic demand bottoming-out gradually (136.9 kB PDF)
26-11-2013
Gradual improvement of consumption and labour market situation (139.1 kB PDF)
21-11-2013
Moderate recovery amid lack of inflationary pressure (136.0 kB PDF)
19-11-2013
Labour market getting better and better (149.7 kB PDF)
14-11-2013
GDP higher, CPI lower (131.0 kB PDF)
12-11-2013
Trade balance in surplus, current account in red (142.9 kB PDF)
06-11-2013
NBP rates stable till mid-2014 (123.6 kB PDF)
17-10-2013
Moderate growth in production (120.5 kB PDF)
16-10-2013
Labour market data still optimistic (102.8 kB PDF)
15-10-2013
Inflation below forecast (86.9 kB PDF)
11-10-2013
Higher current account deficit (94.4 kB PDF)
02-10-2013
No (even minor) changes (62.9 kB PDF)
24-09-2013
Another positive surprise (108.7 kB PDF)
18-09-2013
Output data neutral (159.0 kB PDF)
17-09-2013
Bitter-sweet labour market data (97.0 kB PDF)
13-09-2013
Inflation unchanged (so far) (100.5 kB PDF)
11-09-2013
This time current account deficit (111.8 kB PDF)
04-09-2013
Interest rates on hold until year-end (93.8 kB PDF)
30-08-2013
Economy has bottomed out (107.3 kB PDF)
26-08-2013
Consumers getting more optimistic (106.8 kB PDF)
20-08-2013
Output growth accelerating (120.0 kB PDF)
19-08-2013
Gradual improvement on the labour market (101.3 kB PDF)
14-08-2013
Economic growth bottoming out (86.7 kB PDF)
14-08-2013
Economic growth bottoming out (86.7 kB PDF)
14-08-2013
Strong rebound in CPI (120.8 kB PDF)
14-08-2013
Strong rebound in CPI (120.8 kB PDF)
12-08-2013
Rising exports, current account in surplus (114.3 kB PDF)
23-07-2013
Another positive economic data (151.2 kB PDF)
17-07-2013
Is industry recovering? (101.8 kB PDF)
16-07-2013
Is labour market recovering? (121.6 kB PDF)
15-07-2013
Inflation at the bottom (78.7 kB PDF)
12-07-2013
Current account still in surplus (139.5 kB PDF)
03-07-2013
This is the end (96.4 kB PDF)
25-06-2013
Better data from retail trade and labour market (91.9 kB PDF)
19-06-2013
Still no improvement in industry (120.5 kB PDF)
18-06-2013
Labour market is still weak (96.4 kB PDF)
17-06-2013
Exports surprise to the upside (71.0 kB PDF)
13-06-2013
Inflation close to the bottom (78.3 kB PDF)
05-06-2013
End of the cycle closer, but not here just yet (121.5 kB PDF)
29-05-2013
Weak GDP and domestic demand in 1Q (105.4 kB PDF)
24-05-2013
Weak sales and labour market (109.1 kB PDF)
21-05-2013
No breakthrough in industry (100.0 kB PDF)
20-05-2013
Number of workplaces has declined faster (85.7 kB PDF)
15-05-2013
Inflation going down, but not so fast (148.5 kB PDF)
08-05-2013
Correction of March cut, not the last one (91.8 kB PDF)
23-04-2013
Data do not surprise (108.5 kB PDF)
22-04-2013
Lower GDP, higher deficit (119.0 kB PDF)
18-04-2013
Nothing special in today’s data (157.5 kB PDF)
17-04-2013
Low wage growth (137.8 kB PDF)
15-04-2013
Low inflation and low imports (183.0 kB PDF)
10-04-2013
Post-MPC comment - No major changes (145.6 kB PDF)
22-03-2013
Data signal no warming (125.0 kB PDF)
19-03-2013
No major surprises in data (155.7 kB PDF)
18-03-2013
Wages higher, core inflation lower (128.0 kB PDF)
14-03-2013
Inflation lower and lower (151.3 kB PDF)
06-03-2013
Strong ending (139.3 kB PDF)
25-02-2013
Data not as good as they seem (110.4 kB PDF)
19-02-2013
Improvement in industry? (85.3 kB PDF)
18-02-2013
Slowdown in labour market continues (96.7 kB PDF)
15-02-2013
Inflation fell like a meteorite (113.5 kB PDF)
12-02-2013
Higher trade deficit (110.5 kB PDF)
06-02-2013
MPC maintains dovish monetary policy (88.9 kB PDF)
29-01-2013
GDP not that bad, consumption very weak (152.9 kB PDF)
24-01-2013
Slump in retail sales, rise in unemployment (107.6 kB PDF)
18-01-2013
More weak data (161.4 kB PDF)
15-01-2013
Inflation below target (78.6 kB PDF)
09-01-2013
No time for a pause (97.6 kB PDF)
21-12-2012
Weak sales, but still not the end of the world (110.5 kB PDF)
19-12-2012
Industrial output below expectations (114.2 kB PDF)
18-12-2012
Employment fall accelerating (100.6 kB PDF)
13-12-2012
CPI inflation below 3%, high exports (110.2 kB PDF)
05-12-2012
Next rate cut, more to come (90.3 kB PDF)
26-11-2012
No surprises in sales and unemployment (107.8 kB PDF)
20-11-2012
Rebound in output, very low PPI (118.5 kB PDF)
19-11-2012
Labour data weak, but better than expected (100.7 kB PDF)
14-11-2012
Start of sharp downward inflation trend (131.3 kB PDF)
12-11-2012
Surplus in trade, deficit in current account (84.9 kB PDF)
07-11-2012
Better late than later (101.8 kB PDF)
23-10-2012
Weak consumer demand (104.0 kB PDF)
17-10-2012
Falling production heralds rates reduction (148.0 kB PDF)
16-10-2012
Weak labour market data (100.3 kB PDF)
15-10-2012
Inflation and trade deficit below forecasts (109.2 kB PDF)
03-10-2012
What goes around comes around (136.8 kB PDF)
25-09-2012
Retail sales slowing, unemployment rising (85.5 kB PDF)
19-09-2012
New evidence for continuing slowdown (97.7 kB PDF)
18-09-2012
Employment and real wages decline (70.2 kB PDF)
13-09-2012
CPI down as expected (97.4 kB PDF)
11-09-2012
A (temporary) rebound in foreign trade (80.6 kB PDF)
05-09-2012
Still waiting. But what for? (127.5 kB PDF)
30-08-2012
Slowdown deeper than expected (114.8 kB PDF)
24-08-2012
Data in line with expectations (109.7 kB PDF)
20-08-2012
Mixed output data (117.4 kB PDF)
17-08-2012
Labour market weakest for two years (95.7 kB PDF)
14-08-2012
Inflation below expectations (124.9 kB PDF)
13-08-2012
Import slump accelerating (71.4 kB PDF)
26-07-2012
Consumer demand is slowing (84.8 kB PDF)
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