What else caught our eye:
- The NBP sentiment survey confirmed that the corporate sector remains in a strong recovery mode amid high capacity utilisation (back at the pre-pandemic level), strong employment and record high share of companies that expect wage hikes. Moreover, the NBP survey showed a very good investment sentiment among the surveyed enterprises (see chart of the week) pointing to a strong increase in investments (and possibly corporate loans).
- Despite mounting pressure from supply chains, manufacturing PMI inched up in October (to 53.8 from 53.4 in Sept.) with a mild expansion of output and new orders.
- Moody’s has skipped the update of Polish rating (A2, stable outlook).
- The registered unemployment rate dropped in October (by 0.1pp to 5.5%) according to flash MinLab estimate (PKOe and cons: 5.5%).
The week ahead:
- Flash GDP for 3q21 will be the key local macro figure next week. Expected normalisation of growth rate (PKOe: 5.7% y/y) is accompanied by an unexceptionally high uncertainty surrounding the estimate due to the lack of hard data on service sector that has shown the strongest recovery in summer.
Number of the week:
- 1.39% of GDP – gross domestic expenditure on R&D (GERD) in 2020 (+7.0%), vs. 1.32% of GDP in 2019 and 1.0% of GDP in 2015.