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Poland's retail sector started the year stronger than anticipated, with a 4.4% rise in January, driven by spending on clothing, furniture, appliances, medicines, and cosmetics. This performance exceeded analyst expectations and reaffirmed domestic consumption as the key engine of the Polish economy. Despite adverse winter weather affecting industrial output, consumers maintained their spending habits. Analysts caution, however, that overall GDP growth may moderate in the first quarter due to slower industrial and construction activity, following a robust 4% expansion in the last quarter of the previous year.
Retail sales in Poland grew more than expected in January, according to data released by the national statistics office, indicating that domestic consumption continues to drive the country's economic growth. Retail sales rose 4.4% year-on-year at constant prices, surpassing forecasts of a 3.1% increase from a Reuters poll, although slightly lower than the 5.3% growth seen in December. Advertisement
Analysts attributed the growth in retail sales to higher spending in categories such as clothing, furniture, household appliances, medicines, and cosmetics. Despite a cold and snowy start to the year, industrial output declined, yet consumer spending remained robust. ING analysts noted that consumption continues to be the main contributor to GDP, though the first quarter of this year is expected to grow at a slower pace than the fourth quarter of last year due to weaker industrial and construction activity.
The fourth quarter of the previous year saw the Polish economy expand by 4% year-on-year, underlining the consistent role of consumer demand in sustaining growth.
Source Reuters
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