Poland: Retail sales growth gains steam in August
Nominal retail sales increased 21.5% in year-on-year terms in August, which followed July’s 18.4% increase. Looking at the details of the release, motor vehicles, motorcycles and parts sales shrank at a softer pace in August, while textiles, clothing and footwear sales decelerated. Meanwhile, furniture, radio, TV and household appliances sales dropped at a milder rate.
Meanwhile, annual average retail sales growth rose to 19.9% in August (July: +19.0%). This signals an improving trend in the retail trade sector.
Commenting on the release, economists at ING, stated:
“Demand from refugees from Ukraine remains a support here. In the coming months, price increases may put pressure on purchasing decisions and induce households to be cautious in their spending, especially in view of the risk of increased housing costs (heating, electricity) in the autumn and winter.”