Polish August retail sales data make positive surprise - GUS
September 25, 2013
Polish retail sales increased at an annual rate of 3.4% in August, on a 0.7% monthly decline, Central Statistical Office (GUS) said on Tuesday.
The analyst survey by PAP Polish news agency had shown consensus expectations for a 2.8% y/y increase on a 1.3% m/m decline.
In real terms, Polish retail sales were up by 3.5% y/y in August after 4.3% y/y increase in July, GUS added.
With good data about wages and employment in the background, we may expect further recovery of sales, ING Economist Grzegorz Ogonek told PAP. Whether this will be on big enough scale to affect the GDP raises doubts, he added
“Still, we can see that Poles are rather inclined to save, they are reluctant to benefit from the fact that their purchasing power is growing,” Ogonek said. “We may say that consumers are only slowly becoming aware of the recovery.”