Poland's central statistical office GUS said that retail trade in December 2012 fell by 2.5 percent year-on-year and rose by 15.1 percent month-on-month. The seasonally adjusted annual decrease was 3.6 percent. GUS also said that the turnover of retailers fell by 2.9 percent y/y in December.

Commenting on the data, Bank Zachodni WBK economists wrote: “December’s data about retail sales show that private consumption growth has decelerated sharply at the end of last year, which was driven by a drop in real income and uncertain situation in the labor market.” They see this as a confirmation of GDP growth slowing down to 1.8 percent in 2012.

Poland A.M.