4th March 2013
Tuesday, May 21st, 2013
Economic data give mixed signals
Retail sales rose, but so did unemployment, while manufacturing continues to deteriorate - but at a slower pace
Retail sales in Poland grew in January, contrary to analysts’ expectations. Statistics office GUS announced that Poles had spent 3.1 percent more in January than they had in the same month of 2012. Economists surveyed by press agency PAP had expected the figure to drop by 0.7 percent.
Marek Belka, president of the National Bank of Poland, was pleasantly surprised by the data. “It looks as though the slowdown in the Polish economy has hit bottom and is rebounding,” he said.
 |
 Source: Central Statistical Office (GUS) |
Commenting on the PMI figure, Agata Urbańska, an economist for CEE at HSBC wrote, “The PMI survey shows that employment contraction might be bottoming out. If this improvement is sustained in the coming months, that would be a very important sign for a turnaround in growth outlook in H2 2013.”
Poland’s manufacturing PMI figure has been below 50 for 11 months now, but it has slowly but steadily been increasing since October of last year.
Nevertheless, Poland’s unemployment rate continues to rise, giving cause for concern. Last week statistics office GUS announced that unemployment reached 14.2 percent in January, compared to 13.4 percent in December.
BZ WBK economists said in an e-mailed comment that they expect unemployment to increase further during next few months and then begin a gradual decline. But at the end of the year, unemployment may still remain close to 14 percent, they wrote.
KW, JC
From Warsaw Business Journal
Also check out:
Wage growth surprises on the upside, employment contracts
ZEW expectations index for Poland grows
Poland doubles deficit forecast
BIEC indicator shows economic stagnation
Experts: Poland's GDP to grow 1.5% in 2013
Wage growth surprises on the upside, employment contracts
ZEW expectations index for Poland grows
Poland doubles deficit forecast
BIEC indicator shows economic stagnation
Experts: Poland's GDP to grow 1.5% in 2013
Advertisement
Stratfor on Geopolitics
Migration and remittances in the euro zone periphery
BY Stratfor Global Intelligence
Migration and remittances in the euro zone periphery
BY Stratfor Global Intelligence
One of the main social consequences of Europe's economic crisis is the increasing number of people leaving countries in the ... READ MORE
Stratfor on Geopolitics
Commemorating Europe Day, EU faces key challenges
BY Stratfor Global Intelligence
Commemorating Europe Day, EU faces key challenges
BY Stratfor Global Intelligence
On Thursday the European Union
celebrated Europe Day, the annual commemoration of the proposal made
in 1950 by then-French Foreign Minister Robert ... READ MORE
back
Go to topOur partners
