Wages and employment still rising show latest GUS data
Central Statistical Office (GUS) data shows that in July, average wages in private sector stood at zł.3,229 and was 11.6 percent higher than last year, which is in line with analysts expectations. At the same time, employment is also growing at a fast pace with 4.7 percent more people being employed in companies in July 2008 in comparison to corresponding period of last year.
"In Q2 2008 economic growth was close to 5.5 percent, while the following quarter is unlikely to witness a significant slowdown. All we can see is a very minor downward trend," said Dariusz Filar, member of the Monetary Policy Council (RPP).
The positive image of the economy is also supported by foreign sales growth of 16.1 percent in June. "There are no signals of significant threats to exports. Nevertheless, small producers are regretfully in a difficult situation, but there is no significant weakness for the economy as a whole," said Filar.
In his opinion this data confirms no signs of diminishing inflationary pressure, as unit labor costs are increasing and thus there is no reason to relax fiscal policy.
Sources: Puls Biznesu, Parkiet, Rzeczpospolita (M.M.)
"In Q2 2008 economic growth was close to 5.5 percent, while the following quarter is unlikely to witness a significant slowdown. All we can see is a very minor downward trend," said Dariusz Filar, member of the Monetary Policy Council (RPP).
The positive image of the economy is also supported by foreign sales growth of 16.1 percent in June. "There are no signals of significant threats to exports. Nevertheless, small producers are regretfully in a difficult situation, but there is no significant weakness for the economy as a whole," said Filar.
In his opinion this data confirms no signs of diminishing inflationary pressure, as unit labor costs are increasing and thus there is no reason to relax fiscal policy.
Sources: Puls Biznesu, Parkiet, Rzeczpospolita (M.M.)
