Page 38 - bne_Magazine_July_2017

38 I Special focus bne July 2017
Polish retail sales growth accelerates to 7.4% y/y in May
Polish retail sales grew 7.4% y/y at constant prices in May, the statistics office GUS announced on June 20.
The reading marks a pick-up in the pace of growth of retail sales over the 6.4% annual growth seen in April. It also shows that consumption, fuelled by the tightening labour market, continues to be a major driver of economic growth. Coupled with industrial production growth returning to a robust expan- sion pace in the fifth month, the Polish economy seems poised
Poland retail sales y/y
Retail sales
(inc. motor vehicles) y/y; n.s.a.
for another good quarter in April-June, after GDP growth surged to 4% y/y in January-March.
Retail sales grew 8.4% y/y in current prices in April. In monthly terms, retail sales stayed flat in constant prices and fell 0.2% m/m in current prices. In the first four months of the year, growth came in at 6.9% y/y in constant prices and 8.5% in current prices.
Polish industrial production growth rebounds to 9.1% y/y in May
Polish industrial production returned to fast growth, expand- ing 9.1% y/y in May, data from statistical office GUS showed on June 20. Hints of improving growth in investment have become clearer as well.
The reading follows a hiccup in April, when – due to fewer working days – industrial output contracted 0.6% in annual terms. The May result also beats expectations for an 8.6%
Poland industrial production
Industrial Production y/y
expansion, confirming analysts’ conviction that the April fall was a one-off and that the underlying trend in industry is one of strong growth.
After seasonal adjustment, industrial growth came in at 6.5% y/y in May. Industrial production grew 5.5% m/m in unad- justed terms and 1.2% when seasonally adjusted.
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IP y/y Retail sales change y/y