Industry seen main source of future employment growth – report
July 1, 2014
Poland's industrial sector will likely be the main source of employment growth as economic growth speeds up, the central bank NBP wrote in a report on labor market situation in Q1.
While "the services sector accounts for 3/5 of total employment and that share is rising systematically," it is industry, "characterized by a relatively high share of exports and big entities, which should constitute the main source of employment growth as economic growth accelerates," the report reads.
The economic recovery also entails a rising share of private sector in total employment, NBP analysts write.
The number of people employed in the private sector rose in Q1 for the second quarter in a row, this time at the rate of 2.3% year on year, while the seasonally adjusted number of people working in the public sector dropped by 0.2% y/y.
"It seems this could be a combined effect of 'belt tightening' programs in public administration and of rising demand for labor in the private sector," the report reads.