The data from the central statistical office GUS confirm that the favorite activity of the Poles is shopping. An average Pole spent in May 14.9 percent more than a year ago. In winter, the dynamics were even higher and amounted to 24 percent.
“People have more and more money to spend because wages and employment keep growing. Consumption credits grow fast as well. The situation won’t change soon and retail sales will grow fast, by 19 percent this year”, Agnieszka Decewicz, Pekao economist said.
The structure of the demand changes, however. In May, durable goods, including furniture, consumer electronics or clothes were mostly bought. Food sales grew slower.
Economists differ in their opinions on how consumption will influence the Monetary Policy Council meeting today.
“High dynamics may make the council raise rates by 25 percent base points”, Agnieszka Dacewicz believed.
According to Mateusz Szczurek, ING Bank Slaski chief economist, GUS data is
an argument against tightening the monetary policy in the future.