Wage growth in Poland in May 2022 was 13.5 percent annually. Meanwhile, the employment rate in the enterprise sector increased by 2.4 percent in the same terms. These data were published on Tuesday, June 21, by the Central Statistical Office (GUS).
But the reading for May was lower than the consensus. The market had expected Poles' salaries to rise by 14.7 percent y/y in May. According to Bank Pekao economists, this is a harbinger of an economic slowdown.
"This is the first such situation since May 2020, the first wave of the pandemic. It is also a harbinger of a strong economic slowdown which we expect at the turn of 2022-2023," they wrote on Twitter.