As indicated by latest GUS figures, the value of production sales in industry in fixed prices in September was 4.1 percent higher than in an analogous period last year, while the nominal value of retail sales increased by 0.1 percent in a year. – Despite disappointing poll results regarding the economic climate in industry, the data on sales dynamics do not indicate a serious slowdown in this sector. Given the preview character of these indices, one can, however, fear a worsening of industry results in the coming months. Retail sales figures indicate a growing, though still low, willingness to increase spending among consumers – comments Łukasz Kozłowski, expert of Employers of Poland.
The growth rate the value of production sales in industry is quite good. Weakening indicators in this sector, gave grounds for concern about the future results of Polish industry. However, thus far, despite a relatively low level of optimism among managers responsible for purchases in industry (50.9 percent compared to the expected 52.4 percent), production sales dynamics – in a real perspective – maintains a value only slightly lower than in the period of economic upturn at the end of 2013 and early 2014.
Retail sales dynamics – though higher than in August – is still relatively low, even considering the fact that after taking inflation into consideration, the real growth of Poles’ consumer spending is 2.9 percent year to year. Households are still cautious in making decisions on purchases and chooses to retain some of their income – growing at the highest rate in almost 7 years – as savings for the future. Even low interest rates do not encourage them to place the assets that make up the resulting surpluses.
Łukasz Kozłowski, economic expert of Employers of Poland