Bank Pekao economists: private consumption to grow by 3% y/y in ‘25
19:19
According to Bank Pekao, retail sales in February 2025 fell 0.5% y/y, significantly below the expected +3.2% y/y growth. This decline affected all major categories, including automobiles, food, and miscellaneous goods. As a result, economists maintain a forecast of 3% private consumption growth in 2025, driven by real income growth despite weak spending tendencies.
Durable goods, such as electronics and appliances, showed signs of recovery. However, overall consumption remains moderate, with economic growth in 2025 projected at 4%, primarily investment and export-driven.
For January-February 2025, retail sales increased 2% Y/Y—a slowdown from 4.6% growth in early 2024. Household consumption grew by 3.1% in 2024, with Q4 reaching 3.5% y/y.
