Poles poor but optimistic

Out of the 12 countries included in Cetelem Bank's Observer 2007 survey, Poland has the lowest average annual income. The survey looks at past economic data for each country and also offers some forecasts.

According to Cetelem Bank's Pascal Roussarie, the growth of income per capita in Poland is high, but annual income in Poland will remain the lowest of the 12 countries for some years to come. Poles earned an average of EUR 8,145 (zł.31,569) last year and the survey estimates this will increase to EUR 10,010 (zł.38,798) in 2010.

Russia, with an average annual income of EUR 8,706 (zł.33,743), is already ahead of Poland and will maintain its position in three years with an EUR 11,591 (zł.44,919) average. Of the new EU countries, the Czech Republic enjoys the best financial situation, with an average annual income of EUR 15,532 (zł.60,191). By 2010 the Czechs are forecast to enjoy higher incomes than the Portuguese.

Despite the figures, Poles are pretty optimistic about the future. "According to our survey Poles regard the general situation as better than previously. [In 2005], out of 10 points Poles rated their optimism at 3.4, whereas now it has climbed to 4.6, so it is very close to the European average. It is important to mention that [economic] growth is pulled up by growth in consumption," says Roussarie.

Consumption in Poland should grow further this year as 76 percent of Poles want to increase their expenditure. "Purchasing power has grown in Poland but it is still not enough. Because of that Poles will have to take more consumption loans," says Roussarie.

"Last year in Poland the growth in value of consumption loans was definitely higher than in other segments of the financial market and grew by 36 percent," adds Cetelem Bank's Łukasz Gębski.