Poland: Retail sales record lowest growth since February 2021 in April
Retail sales expanded 3.4% compared to the same month a year earlier in April, which was a deterioration from March’s 4.8% increase. The result marked the worst reading since February 2021. The weakening was largely due to a deterioration in motor vehicles, motorcycles and parts sales. In addition, textiles, clothing and footwear sales weakened.
Meanwhile, annual average retail sales growth fell to 16.0% in April (March: +18.5%). This signals a worsening trend in the retail trade sector.
Commenting on the outlook, economists at ING stated:
“Gradual disinflation, combined with double-digit growth in nominal wages, should gradually contribute to a recovery in real disposable income and improved household consumption. The coming months may still be difficult for retailers, although the effects of high personal income tax refunds this year will be felt more in May, which may bring improvement.”