Makroekonomia

Sprzedaż detaliczna w marcu pogłębiła spadek w ujęciu realnym i hamowanie wzrostu nominalnego.

A prolonged fiscal expansion means that Poland’s debt sustainability position deteriorated compared to EU peers. The deterioration of Poland’s mid-term debt sustainability position is based on potential output estimate, which – in our view – is at least debatable. Nevertheless, we agree with the EC’s assessment, that the tightening of financial conditions (which in Poland is one of the most pronounced in the EU) will require some fiscal tightening next year.

Przeciętne wynagrodzenie w sekt. przed. w marcu wzrosło o 12,6% r/r (kons: 12,5%, PKOe: 12,4%) wobec 13,6% r/r w lutym i wyniosło 7508,34 PLN.

CPI inflation in March dropped to 16.1% y/y from 18.4% y/y in February. The decline derived from statistical base effect and normalization of energy and fuel prices.

CPI inflation in March dropped to 16.1% y/y from 18.4% y/y in February. The decline derived from statistical base effect and normalization of energy and fuel prices.