|Retail sales in Poland grew by 4.3 percent year-on-year in July|
Retail sales in Poland grew by 4.3 percent year-on-year and by 3.8 percent month-on-month in July, according to data published by statistics office GUS. In real terms, retail sales also grew by 4.3 percent year-on-year.
Economists surveyed by the Polish Press Agency had expected retail sales to grow by 2.7 percent y/y and by 2.4 percent m/m.
Improvement in retail sales was driven by the automotive industry (14.4 percent y/y growth), as well as sales of food, pharmaceuticals, cosmetics and others. The biggest drop was in fuel, press and books (-4.3 and -2.7 percent y/y respectively).
“Signals of rebound in private consumption are confirmed by data about retail trade turnover (which include also small shops, in contrast with retail sales) – annual growth of this index accelerated in July to 4.5% YoY, the highest level since April 2011,” BZ WBK economists wrote in an e-mailed comment.
Janusz Jankowiak, chief economist at Polish Business Roundtable, downplayed the data, calling it seasonal. “Most data from July is skewed by seasonal factors, and as such are usually higher than in other months. August statistics will most likely be less optimistic,” Mr Jankowiak told the Polish Press Agency.
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