Salaries grow faster than expected

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The average monthly salary in the enterprise sector in Poland grew by 3.6 percent year-on-year and amounted to zł.3,770.91 in September, statistics office GUS revealed. Month-on-month salaries grew by 0.3 percent.

Economists surveyed by the Polish Press Agency had expected the average salary to grow by 3.1 percent y/y and to drop by 0.1 percent m/m.

The higher-than-expected growth “supports our expectations that consumption growth should be accelerating, and also allows to expect some rebound in investment growth,” BZ WBK economists wrote in an e-mailed comment.

“Overall, the pace of growth of wages remains moderate (average for June-September period at ca. 2.6%YoY), but is higher than inflation. This means that real wages at [the] disposal of households has been rising and this supports our forecast of strengthening of private consumption in H2,” the economists said.

GUS also said that 5,495,100 people were employed in Polish enterprises in September, which means that employment fell by 0.3 percent y/y and remained unchanged m/m. Analysts had expected it to drop by 0.3 percent y/y and inch up by 0.1 percent m/m.

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