Polish wages grow 5% y/y in Q4

Polish wages grow 5% y/y in Q4
The reading shows wages eased their growth rate versus an expansion of 6.6% y/y in the third quarter.
By Wojciech Kosc in Warsaw February 9, 2021

Polish gross wages grew 5% y/y to PLN5,457.98 (€1,220) in the fourth quarter, the statistical office GUS said on February 9.

The annual reading shows wages eased their growth rate versus an expansion of 6.6% y/y in the third quarter, marking a recovery after the worst of the coronavirus (COVID-19) pandemic.

In q/q terms, wages’ expansion also accelerated to 5.6% after growing 2.9% on the quarter in July-September.

Polish gross wages came in at PLN5,167.47 on average in 2020 overall, an expansion of 5.1% versus 2019.

The outlook for the job market and for further wage growth is improving. Following weeks of near-complete lockdown, the seven-day average of new coronavirus cases is now at nearly 5,300 daily – just a fifth of the peak, which occurred in November.

Poland’s GDP fell only 2.8% in 2020 in the wake of the pandemic, the country’s statistical office GUS said in late January.

The government is gradually reopening the economy with cinemas, theatres, and hotels to resume operations from February 12 at 50% capacity and under a strict sanitary regime.

An economic recovery of around 3%-4% is expected in 2021, driven by household consumption, on the back of wages resuming faster growth again and unemployment returning to normal.

Data

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