Poland’s economic condition dips – BIEC

Poland’s main economic climate indicator, the Bureau of Investments and Economic Cycles (BIEC), stated in a report on Monday that the overall economic condition in Poland had declined by 0.4 percentage points. According to the BIEC, it was the fourth consecutive decline. “It was the fourth consecutive month of decline in its value, during which the index lost a total of nearly 2 points,” the statement, in part, read. The BIEC indicated that the drop was partly explained by the increase in costs of food and other consumer goods in Poland. “In the category of food products, which constitute the largest part of the expenses of the average, [there was an] increase in prices over the last year of more than 1 percent, [and] fuel expenses increased by more than 3 percent, y/y…which means a reduction in the purchasing power of domestic consumers,” the release also stated. The growth rate of wages and employment level has remained at a similar level to the previous month. The BIEC index measures eight components, including manufacturer’s new orders for export, stocks of finished products, inflation or deflation, the stock market indexes and average salaries.