Polish retail sales of goods rose by 4.4% year-on-year in July (below consensus of 5.2%), the same pace as in June. However, seasonally adjusted data indicates a 2.7% month-on-month decline in sales.
At the same time, the scale of annual declines in textiles, clothing and footwear (-10.4% YoY) and furniture, consumer electronics and household appliances (-3.4% YoY) is slowing. Continued declines in sales of consumer durables (excluding cars) suggest that households are continuing to try to save on less urgent expenditures.
Photo: Dreamstime.
July's data for industry, retail trade and construction fits into the scenario of a continued recovery in the Polish economy – although its pace is likely to be slightly lower in the third quarter of this year than earlier expectations, despite a better-than-forecast second quarter.
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