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Average salary up

23rd December 2013
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The latest figures support expectations that consumption will increase

The average monthly salary in the enterprise sector in Poland amounted to zł.3,897.88 in November, signaling growth of 3.1 percent year-on-year and 1.7 percent month-on-month, statistics office GUS said on December 17.

Employers put more money in Poles' wallets in November

Economists surveyed by the Polish Press Agency had expected the average salary to grow 3.1 percent y/y and 1.4 percent m/m.

GUS also said that 5.5 million people were employed in Polish enterprises in November and that the figure remained unchanged compared to the previous month, but grew by 0.1 percent y/y, in line with analysts’ expectations.

The data confirmed the continued gradual improvement of the labor market, which should support a rebound in consumption, BZ WBK economists wrote in an e-mailed comment.

The trend should continue in the coming months, the analysts wrote, leading to higher growth of unit labor costs and thus pushing inflation upwards. An interest rate hike is likely in the autumn of 2014, they said.


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