1/18/2021 8:46:35 AM GMT This week in CEE This week will be relatively empty for data releases in CEE. Besides some labor market statistics for Croatia, Poland, and Slovakia, the December retail sales for Poland will be disclosed as well. As Poland eased restrictions at the beginning of December, we expect improvement of retail sales y/y dynamics towards -0.8% in December, from the -5.3% y/y reported in November. Given that industry has been performing well during the second wave, we see clear upward risks to our 2020 GDP growth forecast, which stands at -3.3%. Depending on the outcome of retail sales and industrial output in December, full-year growth could be actually 0.5-1.0pp better at the end. We will already know next week, when not only industrial output is due, but also 2020 GDP growth will be reported for Poland.