Warsaw (Puls Biznesu) – The Poles spent less on shopping in December than analysts had expected. This may be an argument not to tighten fiscal policy but it does not mean that economy is slowing down.
Economists forecast that in December 2007, an average Pole spent 20 percent more than a year earlier. The difference was nearly twice smaller. According to the central statistical office GUS, retail sales rose 12.4 percent year-on-year (for the lowest level since August 2006) and 15.7 percent month-on-month. There were other negative macro data for December published. Industrial production growth fell from 8.5 percent in November to 6.2 percent against 8.8 percent expected by analysts. Wage increases amounted to 7.2 percent against 9 percent forecast by the market.