16:28 23 January 2025
Bank Pekao: growth in Poland driven by sales in service sector
Economists at Bank Pekao note there is no consumption boom in Poland, with growth driven by the services sector. According to the Central Statistical Office (GUS), retail sales in constant prices grew by 1.9% y/y and 9.9% m/m in December 2024. However, this data, alongside weak industrial production, disappointed. Key trends continued, with strong vehicle sales (+25.1% y/y) and improving durable goods sales like furniture and electronics (-4% y/y). Yet, clothing and footwear sales fell sharply (-12.2% y/y).
Consumer sentiment improved in January but remains below pre-pandemic levels. Economists predict moderate consumption growth of 3% in 2025, reflecting slower wage growth and high saving tendencies due to elevated interest rates. GDP growth is projected at 2.8% for 2024.
(pb.pl)
