According to recent GUS figures, the average wage in the entrepreneurship sector in April increased by 3.7 percent compared to the analogous period the year before. – These figures are much weaker than last month. Real wages grow slower – not only due to lower nominal dynamics, but due to the petering out of deflation. The coming months will show whether the wage pressure is strong enough to level the effect of growing prices – comments Łukasz Kozłowski, expert of Employers of Poland.
The real annual wage growth has decreased a.o. as a result of a weakening deflation. As the prices are no longer falling, a further increase in the purchasing power is more dependent on nominal wage dynamics, Most likely it will gradually grow, due to the improving situation on the labour market, as evidenced by the relatively rapid decrease in unemployment rate.
A month to month decrease in average wages (2.2 percent) is not a surprise, as March wages are, generally speaking, a bit higher than those recorded in other months (with the exception of December) which is a consequence of the payment of the so-called “thirteenth wage” in some companies.
We can expect the real wage growth dynamics to maintain a relatively high level in the coming months. On the one hand, the difficulties with finding employees experienced by some sectors and regions will create certain wage pressure. On the other hand, we will also be dealing with deflation coming to an end – a phenomenon which we have to thank for the recent records in real wage growth.
Łukasz Kozłowski, economic expert of Employers of Poland