The Monetary Policy Council (RPP), the Polish central bank’s rate-setting body, unexpectedly broke its rate-hiking cycle despite rising inflation and kept the reference interest rate at 6.75% on October 5. The National Bank of Poland’s lombard rate remained at 7.25%, the rediscount rate at 6.80% and the discount rate at 6.85%. The RPP also left…
Poland’s rate-setting body said on October 5 its decision to put interest rates on hold was due to a forecast decline in economic growth and consumer demand, which should help to reduce the record-high inflation. In a statement issued after its decision to put all interest rates on hold in October, which broke the one-year-long…
Poland’s inflation rate is likely to fall in 2023, a deputy finance minister has said. Artur Sobon said on October 5 that the 2023 budget was based on an average annual CPI (Consumer Price Index) assumption of nearly 10% but “forecasting is extremely difficult in these conditions”. He said that some factors, such as an…
Poland’s GDP should rise by 1.6% in 2023 after a 4% growth in 2022 and against a 3.6% forecast earlier, the World Bank has said in a report. “Poland’s economic growth is expected to slow down in 2023 more markedly than initially expected because the continuing war in Ukraine has dimmed prospects of a post-pandemic…
Poland’s Purchasing Managers’ Index (PMI) rose to 43.0 points in September 2022 from 40.9 points in August, economic researcher S&P Global reported on October 3. Economists polled by PAP predicted the PMI would reach 40.1 points in September. Both manufacturing and new orders contracted in September amid inflation pressure, while business sentiment remained low. Polish…
Polish companies will start to reduce employment costs when they are no longer able to pass rising costs on to consumers, an economist from business lobby Lewiatan has warned. Poland’s Purchasing Managers’ Index (PMI) rose to 43.0 points in September 2022 from 40.9 points in August, economic researcher S&P Global reported on October 3. In…
Poland’s seasonally adjusted unemployment rate remained unchanged from the previous month at 2.6% in August, Eurostat, the EU’s statistical office, reported. According to Eurostat, the unemployment rate in the eurozone countries, according to seasonally adjusted data, remained unchanged MoM in August, at 6.6%. According to Poland’s Central Statistical Office (GUS), Poland’s unemployment rate went down…