Poland: Retail sales record lowest growth since August 2021 in February
Retail sales grew 10.8% in year-on-year terms in February, which was a deterioration from January’s 15.1% increase. February’s figure marked the worst reading since August 2021. February’s notable downturn came on the back of a deterioration in textiles, clothing and footwear and furniture, radio, tv and household appliances sales. However, motor vehicles, motorcycles and parts sales rebounded.
Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 19.9%, down from January’s 20.4% reading.
Commenting on the release, Piotr Poplowski, seniot economist at ING, stated:
“The short-term prospects for retail sales are negative. In March 2022, sales of clothing and footwear, food and pharmaceuticals soared as the first wave of refugees from Ukraine reached Poland. Therefore we should brace for an even deeper annual decline in retail sales in March 2023.”