Retail sales in Poland grew in January, contrary to analysts' expectations. Statistics office GUS published data showing that the figure grew by 3.1 percent year-on-year and fell 20.6 percent month-on-month. The seasonally adjusted annual retail sales growth was 2.4 percent. Economists surveyed by press agency PAP had expected the figure to drop by 0.7 percent y/y and by 22.5 percent m/m.

GUS also said that retailers' turnover rose by 0.5 percent y/y in January, compared to a decrease of 5.5 percent y/y in December 2012.

“The sales data in Poland are highly volatile and monthly deviations from trend are nothing surprising,” Citi Handlowy economists wrote in a statement.

“On balance we believe the data are consistent with a slight increase in private consumption in 1Q in quarter-on-quarter terms, though the overall pace of growth in consumer demand is still disappointing,” they said.

Kamila Wajszczuk