According to the Central Statistical Office (GUS) retail sales in January rose by 4.8 percent compared to the corresponding period of the previous year. The median forecast of analysts stood at 4.6 percent. - It can be expected that due to a gradual decline in unemployment and a relatively significant increase in real wages, retail sales will continue to grow making consumption one of the main drivers of economic growth in Poland - says Łukasz Kozłowski, expert of the Employers of Poland.
Higher retail sales and investment levels combined with strong net export data give hope for a further acceleration of the GDP growth in the coming quarters. It is facilitated by low inflation, which - though in itself rather encourages to delay purchasing decisions - in combination with a moderate increase in nominal wages meant that in spite of an economic downturn Polish workers’ real incomes have recently been growing at the fastest rate in the last five years.
Łukasz Kozłowski, expert of the Employers of Poland