sentences
stringlengths 42
583
| stance_label
stringclasses 4
values | time_label
stringclasses 2
values | certain_label
stringclasses 2
values | year
int64 2.01k
2.02k
| __index_level_0__
int64 1
999
|
|---|---|---|---|---|---|
moreover, it was pointed out that interest rate increases implemented earlier this year might also act towards slower economic growth, albeit with a lag | hawkish | forward looking | uncertain | 2,011 | 705 |
it was judged that this was a sign of the increasing impact of the weakened conditions in the external environment of the polish economy on external sales and domestic economic activity | dovish | not forward looking | certain | 2,020 | 921 |
in turn, industrial as well as construction and assembly output in may were lower than a year ago | dovish | not forward looking | certain | 2,024 | 158 |
some members of the council assessed that a significant zloty depreciation may limit the foreign investors willingness to finance the borrowing needs of the state budget | hawkish | forward looking | uncertain | 2,009 | 654 |
this was reflected in the preliminary estimates of gdp, according to which annual gdp growth in 2021 q3 stood at 5.3, therefore had turned out to be higher than expected | hawkish | not forward looking | certain | 2,021 | 822 |
while assessing the prospects for inflation returning to the target, some members of the council pointed out that by the end of 2011 inflation was likely to remain above the upper limit for deviations from the inflation target, as suggested by the short-term forecasts prepared at the nbp | hawkish | forward looking | uncertain | 2,011 | 43 |
moreover, some members of the council paid attention to the decision of the ministry of finance to exchange some of the european union funds in the foreign exchange market | neutral | not forward looking | certain | 2,011 | 189 |
these concerns also brought about a fall in the prices of natural gas and industrial metals | dovish | not forward looking | certain | 2,020 | 869 |
it was observed that the resurgence of the pandemic inclined some governments to restore some of the restrictions although, so far, milder ones than those introduced in response to the first wave of the pandemic which, together with the flagging sentiment of economic agents would have a negative impact on economic activity | dovish | forward looking | certain | 2,020 | 987 |
when discussing inflation developments abroad, it was pointed out that the earlier significant increase in global energy commodity prices contributed to higher inflation in many countries | hawkish | not forward looking | certain | 2,018 | 467 |
the euro area countries, including germany | irrelevant | not forward looking | certain | 2,013 | 257 |
the majority of council members emphasised that the pace of economic recovery might also be curbed by the lack of significant adjustment of the zloty exchange rate to the global shock caused by the pandemic and nbps monetary policy easing | dovish | forward looking | uncertain | 2,020 | 658 |
the council members emphasised that energy commodity prices despite a recent uptick remained considerably lower than in previous years | dovish | not forward looking | certain | 2,016 | 754 |
in addition, the council members pointed out that net exports, supported by a gradual recovery in the euro area, contributed positively to the gdp growth rate in 2015 q1 | dovish | not forward looking | certain | 2,015 | 632 |
those council members also indicated that it was difficult to assess the likelihood of reductions in vat rates in 2014 | neutral | not forward looking | certain | 2,012 | 426 |
the rising growth of food prices was also emphasised | hawkish | not forward looking | certain | 2,007 | 288 |
it was pointed out that high liquidity in the international financial markets at the moment facilitated the financing of the state budget deficit, and the public finance situation in poland was hitherto more favourable than that observed in many european countries | neutral | not forward looking | certain | 2,010 | 70 |
on the other hand, certain council members expressed the view that an analysis of selected soft economic indicators suggested that the recession phase was ending and that the economy was entering the recovery phase | dovish | forward looking | uncertain | 2,022 | 167 |
the council rejected the motion to raise the basic required reserve ratio from 2.0 to 3.5 and the motion to change the remuneration of the required reserves, from the level of the nbp reference rate to the level of the nbp deposit rate | dovish | not forward looking | certain | 2,022 | 102 |
in turn, growth in construction and assembly output in november was close to the october figure, whereas some council members emphasised that growing costs of financing were strongly undermining the outlook for the construction sector as indicated by, among others, the declining number of home construction starts | dovish | not forward looking | certain | 2,023 | 250 |
in turn, certain council members judged that in the coming months it might be justified to consider beginning of interest rate increases, since, in their view, inflation pressure could appear due to favourable labour market conditions and the risk of a significant acceleration in consumer demand growth | hawkish | forward looking | uncertain | 2,016 | 832 |
it was assessed that the relatively high resilience of the polish economy to unfavourable external shocks the turmoil in the global financial markets and the recession abroad was, among other things, the result of a low credit-to-gdp ratio and the economys lower degree of openness as compared to other eu countries, as well as of the dynamic development of the service sector less dependent on global economic developments observed in the past few years | neutral | not forward looking | certain | 2,009 | 916 |
at the same time, these council members pointed out that exchange rate fluctuations were closely connected to shifts in risk aversion in the global financial markets that are hard to predict | neutral | forward looking | uncertain | 2,012 | 763 |
taking into account the above-mentioned factors, it was indicated that the output gap would close within the monetary policy transmission horizon | hawkish | forward looking | certain | 2,016 | 84 |
these council members also judged that the likely decline in the inflow of employees from abroad would also boost wage rises the following year | hawkish | forward looking | certain | 2,018 | 295 |
it was also noted that the stabilisation of economic activity growth in china was a positive sign, which probably, to a large extent, resulted from the stimulus implemented by the countrys authorities | dovish | not forward looking | certain | 2,019 | 125 |
moreover, for some banks it could result in the need to increase their capital | dovish | forward looking | uncertain | 2,015 | 845 |
it was emphasised that the sharp slowdown in producer price inflation, which stood at 6.8 yy in april, while in the summer of 2022 was over 25, indicated a weakening of cost pressure | dovish | not forward looking | certain | 2,023 | 191 |
while discussing developments in polands real economy, the council members pointed to flash gdp estimate which had indicated a considerable rise in the economic growth rate in 2017 q1 | hawkish | not forward looking | certain | 2,017 | 617 |
the majority of the council members recognised that, taking into account the above conditions, and in particular the expected gradual decline in inflation, the weakening of the domestic economic conditions, including the fall in consumer demand, decline in inflation expectations, low growth in monetary aggregates, including low lending growth, and also the decline in inflationary pressure abroad combined with the risks to the global economic outlook, and taking into account the earlier strong monetary policy tightening, it was justified to keep the nbp interest rates unchanged | neutral | not forward looking | certain | 2,023 | 64 |
it was assessed that along with the expected growth in the use of eu funds this should support gross fixed capital formation, while also stressing that under the july projection investment growth in 2017 q2 was probably only slightly positive | dovish | forward looking | uncertain | 2,017 | 709 |
at the same time, some council members drew attention to the fact that the fall in total employment in annual terms observed in the lfs data for 2022 q3, the results of the pmi surveys indicating plans to reduce employment, and the growing concerns of households about the rise in unemployment suggest a deteriorating labour market outlook | dovish | forward looking | uncertain | 2,022 | 247 |
some council members pointed out that following a previous marked decline profitability ratios in the non-financial enterprise sector had improved in 2024 q2 | neutral | not forward looking | certain | 2,024 | 434 |
the fall in inflation in annual terms in august was mainly due to the fall in the annual growth of prices of food and non-alcoholic beverages | dovish | not forward looking | certain | 2,023 | 362 |
they also stressed that the crisis-driven zloty depreciation which significantly exceeded the depreciation of the equilibrium exchange rate was conducive to the rise in inflation in poland in 2009 | hawkish | not forward looking | certain | 2,009 | 215 |
in the opinion of some members of the council this means that zloty appreciation may have a stronger impact on polish foreign trade than previously estimated | hawkish | forward looking | uncertain | 2,008 | 879 |
the majority of the council members were of the opinion that inflationary pressure remained limited | dovish | not forward looking | certain | 2,018 | 985 |
council members discussed the level of interest rates and the impact of monetary policy tightening on economic growth | hawkish | forward looking | uncertain | 2,007 | 652 |
the majority of the council members also emphasized that nbp interest rate increase was an adjustment to the current and anticipated macroeconomic situation in poland and was aimed to ensure that real interest rates are kept above zero | hawkish | not forward looking | certain | 2,012 | 316 |
at the same time, certain council members were of the opinion that the decrease in inflation in the coming quarters might be faster than current forecasts indicated | dovish | forward looking | uncertain | 2,023 | 489 |
in october, retail sales as well as industrial output and construction and assembly production were higher than the year before | neutral | not forward looking | certain | 2,023 | 89 |
it was emphasised that the heightened uncertainty about the outlook for global growth negatively affected the risk sentiment in global financial market, which was reflected in rising bond yields of many emerging market economies and in a depreciation of their currencies | hawkish | forward looking | uncertain | 2,018 | 977 |
however, the majority of the council members judged that data from the enterprise sector might suggest a slight cooling down of labour demand in some sectors | dovish | forward looking | uncertain | 2,022 | 199 |
consequently, the council concluded that, in order to strive for bringing inflation down to the nbp target in the medium term, nbp interest rates should be raised again | hawkish | forward looking | certain | 2,022 | 277 |
some members of the council argued that a limited scale of lending to the private sector and the bad situation in the real estate market, on the one hand, and the persistently high budget deficit, on the other, constitute risk factors to a permanent recovery of economic growth in the united states | neutral | not forward looking | uncertain | 2,010 | 878 |
some members of the council also pointed at other inflation forecasts which had been recently revised downwards | dovish | forward looking | uncertain | 2,008 | 789 |
growth in consumption in the coming quarters should also be driven by emerging effects of an acceleration in disbursement of the child benefits | neutral | forward looking | uncertain | 2,016 | 408 |
an additional argument for interest rate stabilisation was elevated uncertainty regarding domestic and external conditions for monetary policy | neutral | not forward looking | certain | 2,016 | 865 |
other members of the council, however, argued that the lower activity in the united states could be a short-lived and small-scale phenomenon, among other things, due to the weakening of dollar exchange rate amidst rising openness of the us economy, still relatively high profitability of enterprises in this country and the considerable contribution of the service sector in gdp | dovish | forward looking | uncertain | 2,008 | 148 |
those members emphasised that in poland, similarly as in many other countries of the region, the level of nominal interest rates necessary to keep inflation at the target level was higher than in the euro area, among other things, due to the higher economic growth, resulting from higher labour productivity growth | hawkish | not forward looking | certain | 2,008 | 894 |
this uncertainty results from the risk of a stronger deterioration in economic conditions in china and other emerging market economies, as well as the extent to which this weakening would translate into activity in the advanced economies | neutral | forward looking | uncertain | 2,016 | 37 |
other members of the council reasoned that the rise in the world prices would be a factor beyond the impact of the monetary policy conducted by central banks of countries regarded as small open economies | neutral | forward looking | uncertain | 2,010 | 776 |
it was observed that preliminary gdp estimates suggested a possible pick-up in investment growth in 2019 q4 | hawkish | forward looking | uncertain | 2,020 | 380 |
while discussing the economic outlook for poland, council members highlighted that the november projection pointed to lower gdp growth than in the previous round | dovish | forward looking | uncertain | 2,014 | 851 |
it was noted that currently core inflation abroad, including the euro area, was low | dovish | not forward looking | certain | 2,019 | 697 |
among factors having a negative impact on consumption demand were also listed deteriorating consumer sentiment and decreasing purchasing power of households incomes driven by increases in administered prices | dovish | not forward looking | certain | 2,008 | 814 |
in turn, the increasing absorption of eu funds, favourable demand outlook as well as high capacity utilisation were conducive to the recovery in investment | neutral | not forward looking | certain | 2,018 | 904 |
the rationale for this decision was the ongoing economic recovery, which should contribute to inflation rising close to the nbp inflation target over the projection horizon | hawkish | forward looking | uncertain | 2,014 | 252 |
the council members noted that the rise in inflation in recent months resulted mainly from increases in the administered prices of energy carriers and though to a lesser extent an increase in annual growth in the prices of food and non-alcoholic beverages | hawkish | not forward looking | certain | 2,024 | 929 |
at the same time, it was pointed out that the pace and scale of the recovery were subject to considerable uncertainty | dovish | forward looking | uncertain | 2,020 | 611 |
some council members also drew attention to intensifying wage pressure indicated by companies, which, along with an increase in the minimum wage in 2017, might boost nominal wage growth | hawkish | forward looking | uncertain | 2,016 | 500 |
in the assessment of some council members, this could have reflected not only supply constraints, but also weaker growth in demand for labour | dovish | not forward looking | uncertain | 2,019 | 163 |
at the meeting, it was noted that the economic conditions in the external environment of the polish economy remained weakened, and that uncertainty about the activity outlook persisted | dovish | not forward looking | certain | 2,023 | 280 |
in the coming quarters, consumer price growth is likely to increase and will be running above the nbp inflation target, which will be driven by higher energy prices | hawkish | forward looking | certain | 2,024 | 942 |
however, certain council members were of the opinion that the nbp reference rate should be raised at the current meeting | hawkish | not forward looking | certain | 2,021 | 596 |
most members of the council emphasised that a possible future decision to raise the nbp interest rates would be justified if the economic activity were to decelerate only slightly and inflation were not be in a clear downward trend | hawkish | forward looking | uncertain | 2,012 | 604 |
other council members also stressed that wage levels in poland remained low compared to west european countries and pointed out that their growth required an increase in innovation and technological advancement of polish production | dovish | not forward looking | certain | 2,015 | 217 |
at the same time, disruptions in global supply chains persisted, and prices of international transport remained elevated | neutral | not forward looking | certain | 2,022 | 395 |
the majority of the council members judged that if the uncertainty about the further course of the pandemic, and as a result the future economic conditions continued, and if the rise in inflation above the target was the result of factors beyond the control of monetary policy, it would be advisable to keep interest rates unchanged also in the near future | dovish | forward looking | uncertain | 2,021 | 997 |
they also assessed that the output gap in the economy had been negative, which had been translating into very low or even in most cases negative core inflation measures | dovish | not forward looking | certain | 2,015 | 475 |
other council members, in turn, drew attention to the increase in growth of prices of services and industrial producer prices in the recent period, which might indicate growing domestic inflationary pressure | hawkish | not forward looking | uncertain | 2,019 | 203 |
certain council members were of the opinion that given the anticipated increase in inflation in the coming quarters and the related possible rise in inflation expectations, real interest rates would decrease | hawkish | forward looking | uncertain | 2,024 | 850 |
referring to the change in vat rates scheduled for the beginning of 2011, members of the council pointed out that the increase in the price level driven by this change should be rather insignificant, and given stable inflation expectations, its impact on cpi inflation might be expected to be only temporary | dovish | forward looking | uncertain | 2,010 | 963 |
at the same time, gdp growth in the united states was to remain moderate in 2023 | neutral | forward looking | certain | 2,023 | 982 |
certain council members were of the opinion that the rise in energy commodity prices was driven by both demand factors such as the ongoing recovery in the global economy after the pandemic crisis and supply constraints due to the oil production policy of opec and russias gas export policy | hawkish | not forward looking | certain | 2,021 | 445 |
at the same time, some members of the council argued that with the economic growth strengthening further in poland the risk of rising wage pressure is increased by a warszawa ul świętokrzy ska 22 51 relatively high and still growing level of wage expectations of the unemployed, adversely affecting their readiness to take up employment | hawkish | forward looking | uncertain | 2,010 | 507 |
while discussing the interest rate decision, some council members assessed that the monetary policy adjustment should be continued at the november meeting | hawkish | forward looking | uncertain | 2,014 | 645 |
another factor contributing to higher gdp growth in 2016 q2 was significant acceleration in exports | hawkish | not forward looking | certain | 2,016 | 196 |
on the other hand, countries which fail to implement a consolidation of public finances or which continue to pursue expansionary fiscal policy, might see a decline in economic growth caused by the fiscal imbalances negative impact on private demand | hawkish | forward looking | uncertain | 2,010 | 708 |
referring to the recent data on economic activity abroad, it was also pointed out that the deteriorating economic conditions in developed countries translated into weaker growth in major emerging market economies | dovish | not forward looking | certain | 2,013 | 785 |
with regard to expected inflation developments in months ahead, council members pointed out that according to several short-term forecasts, inflation was likely to remain below the march projection | dovish | forward looking | uncertain | 2,014 | 423 |
it was judged that the disinflation process was also supported by the marked appreciation of the zloty observed in recent months | hawkish | not forward looking | certain | 2,023 | 683 |
deteriorating fiscal situation increases uncertainty about the moment of zloty entering the erm ii | neutral | forward looking | uncertain | 2,009 | 415 |
at the same time, it was highlighted that gdp growth had remained relatively low as for this country | dovish | not forward looking | certain | 2,013 | 895 |
in the opinion of some council members, these data confirmed the continuation of strong activity in the polish economy in 2008 q1 suggesting, at the same time, that the global economic slowdown had thus far not deteriorated economic climate in poland | neutral | not forward looking | certain | 2,008 | 693 |
in the opinion of those council members the strong decline in inflation would be driven primarily by base effects connected with high increases in regulated prices at the beginning of 2009 and by a decline in import prices being the result of the hitherto observed zloty appreciation, which will also contribute to the decline in core inflation | dovish | forward looking | certain | 2,010 | 993 |
in this context, certain council members pointed to the surveys results indicating a considerable surge in the percentage of firms declaring an increase in wage pressure | hawkish | not forward looking | certain | 2,022 | 781 |
on the other hand, some council members emphasised that in certain developed economies the interest rate hiking cycle had already begun | hawkish | not forward looking | certain | 2,010 | 400 |
at the same time, in the opinion of a few of these council members, further monetary policy easing could, in the longer term, trigger a growth in imbalances in the polish economy | hawkish | forward looking | uncertain | 2,013 | 132 |
the favourable outlook for exports performance is also related to the anticipated acceleration of growth in polands main trading partner countries, as signalled by the upward revisions of their gdp growth forecasts | dovish | forward looking | uncertain | 2,014 | 55 |
few council members also expressed the opinion that the low price growth amidst moderate economic growth in polands external environment and a fall in commodity prices was a normal phenomenon, and taking into account the expected persistence of these developments, inflation would most likely remain low also in the long-term | dovish | forward looking | certain | 2,015 | 981 |
it was emphasised that heightened inflation in poland as in other countries was mainly driven by a sharp rise in global prices of energy and agricultural commodities which was largely the result of the russian military aggression against ukraine | hawkish | not forward looking | certain | 2,022 | 847 |
in the opinion of few council members, cpi growth in poland might remain relatively low in the longer term, due to the persistent downward trend in commodity prices in the global markets | dovish | forward looking | uncertain | 2,014 | 193 |
they argued that high growth of those prices in the analysed period resulted, on the one hand, from growing demand pressure which, in turn, in the opinion of those members of the council, was the result of the high wage growth and fast credit growth observed in the past few quarters, and, on the other hand, from intensifying cost pressure driven by rising unit labour costs | hawkish | not forward looking | certain | 2,008 | 696 |
some council members drew attention to the lower than expected growth in output and retail sales in july as well as the fall in the pmi in august, which could signal weakening growth in activity | dovish | forward looking | uncertain | 2,015 | 431 |
during the discussion at the meeting of the monetary policy council it was noted that economic conditions in the euro area remained weakened, although some of the indicators signalled that the coming quarters might see a slow recovery in activity | dovish | forward looking | uncertain | 2,024 | 620 |
certain council members judged that the nbp interest rates should be kept unchanged at the current meeting | neutral | not forward looking | certain | 2,020 | 660 |
however, some council members argued that the price dynamics of certain services could be a factor that would hamper the fall in inflation | hawkish | forward looking | uncertain | 2,023 | 388 |
it was observed that situation in the labour market continued to improve as well, which was reflected in a fall in unemployment rate seasonally adjusted, a rise in employment and a marked increase in average wages in corporate sector in december | dovish | not forward looking | certain | 2,022 | 177 |
some council members additionally observed that in central and eastern europe despite inflation running above the targets in some of the economies central banks had not signalled a tightening of monetary policy | neutral | not forward looking | certain | 2,019 | 859 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.