Will the Polish economy accelerate? What will the week bring?

Last week brought further increases in the main stock indices, and the weaker dollar supported the rising price of gold, which on Monday morning was clearly above USD 2000 per ounce. In recent days, investors also received a package of data which, although mixed, may constitute the first signal of the improving economic situation on the Old Continent.

Will the Polish economy accelerate?

Preliminary PMI data for November from Europe was mixed - we saw some surprises in Germany and the UK, but the industrial sector remains quite weak. Some of the blame for this situation can be placed on the end of the era of cheap energy flowing to Europe from Russia, but the fact that services are also performing poorly suggests that high interest rates EBC are starting to put pressure on the economy. Nevertheless, preliminary data for November show some improvement compared to the previous month, so investors will closely monitor the final readings of European PMI indices.

The November PMI data for the USA look interesting - the index for the industrial sector fell below expectations, while we can observe some rebound in the case of services. The sharp decline in orders for durable goods suggests that we may be witnessing the beginning of demand weakness in the United States, although the situation on the local labor market remains quite good. How does the Polish economy compare to Europe and the USA?

The last dozen or so months may not have been full of positive surprises, but the most unfavorable scenarios did not materialize either. This was partly related to expansionary fiscal policy, but business sentiment remains moderately negative. What is also worrying is the strong increase in wages, which may be an important pro-inflation factor. Will we see a correction on the EURPLN chart?

In today's webinar:

• Moderate improvement in the situation in Europe
• What do the US macro data look like?
• Will the Polish economy accelerate?

About the host

Dr Przemysław Kwiecień - Chief economist X-Trade Brokers. Doctor of Economics at the University of Warsaw, graduate of the University of Warsaw and London Metropolitan University (MSc). Holder of the prestigious CFA certificate. He has been working for XTB since 2007, previously he gained experience as an advisor to the Minister of Finance, Mirosław Gronicki, and an economist at Bank Millennium. At XTB, he manages the Analysis Department.

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