Warsaw (Puls Biznesu) – The year started with surprisingly strong production and sales data. Wages keep growing, so does the employment but also prices and interest rates.
There was some pessimism over the Polish economy. January data prove that it was not that bad. Retail sales jumped 20.9 percent against 12.4 percent in December, the central statistical office GUS said. Analysts expected only 15-16 percent. All important data were better than expected. Industrial production rose 10.8 percent year-on-year, two times higher than forecast. Employment rose 5.9 percent against 4.9 percent was expected. Wages increased 11.5 percent year-on-year while economists expected 9.9 percent. “December data were worrying. It looked like the beginning of a slowdown. January proved, however, that economy is boosting. In the first quarter, the GDP growth will amount 5.5 percent year-on-year”, Mateusz Szczurek, ING Bank Slaski chief economist commented.High consumption which is boosting the economy, has negative effects as well. High retail sales mean high inflation (4.3 percent in January against 4 percent expected by the ministry of finance). PPI rose 2.8 percent against 2.2 percent forecast by economists.