Weekly

16May2025

Data vs. election

Economic Analysis | Weekly

The number one local topic at the start of next week is likely to be the results of the first round of the presidential election. Polls invariably show that Rafał Trzaskowski and Karol Nawrocki have the best chances of advancing to the next stage. The conclusive second round will take place on June 1st.
Later in the week, attention will shift to economic data: In Poland, almost all key monthly indicators apart from retail sales will be published (on Wednesday: April wages and employment, industrial production, PPI inflation and May consumer confidence; on Thursday: construction output and business sentiment; on Friday: M3 money supply). Abroad, there will be, among other things, inflation data and business sentiment indices: preliminary PMIs for industry and services, the German Ifo index. There are also many public speeches by representatives of major central banks in the agenda. (...)

9May2025

CPI, GDP and the final lap in the election race

Economic Analysis | Weekly

In the coming week, the local market will see data on the March balance of payments (Wednesday), final CPI inflation for April and preliminary GDP reading for Q1 (Thursday) and core inflation (Friday). New interviews with MPC members can also be expected, clarifying their views on the outlook for monetary policy. 
Abroad, there will be, among other things, inflation data in European countries and the US, GDP data in Europe and US consumer sentiment. During the weekend, US and Chinese representatives are due to hold trade talks in Switzerland. 
It will also be the last week of campaigning before the first round of presidential elections on 18 May, so the latest polls will be followed closely. 
And later this evening, S&P Ratings may present an update of the Polish rating. We do not expect any significant change in this regard. (...)