Polish retail sales grew 6.9% y/y in constant prices in August, statistics office GUS announced on September 19.
The reading marks a slight pick-up in the pace of growth after turnover expanded 6.8% in July. That is a welcome sign that private consumption, fuelled by the tightening labour market, continues to be a major driver of economic growth. With industrial production growth also strong through the eighth month of the year, the Polish economy appears to continue to be in rude health in the third quarter.
The growth in August was broad, with all main segments experiencing expanding sales, showing private consumption as solidly as ever to be the main driver of economic growth, Bank Millennium observes.
Sales of food, drinks, and tobacco products grew 3.3% y/y in August, while sales of fuel grew 7.1% y/y in the eighth month. Sales of furniture expanded 8.2% on the year, while retail trade in pharmaceuticals as well as textiles, clothing, and shoes expanded in double digits in August.