Salaries up by 3.5% y/y in July

The average monthly salary in the Polish corporate sector grew by 3.5 percent year-on-year to PLN 3964.91 in July, the Central Statistical Office (GUS) said on Tuesday. In month-on-month terms it rose by 0.6 percent. Employment in the enterprise sector grew by 0.8 percent y/y and by 0.1 percent m/m in July. It amounted to 5,531,100, GUS also said. Economists had expected salaries to grow by 3.7 percent y/y and employment to rise by 0.8 percent y/y. Bank Millennium economist Grzegorz Maliszewski told news agency IAR that the data are a good sign for the Polish economy. In his opinion, they show that companies are not afraid of the future, that they are prepared for difficulties and they will continue employment.