Wages up by 3.1%, employment down by 0.2% in Polish enterprise sector in Oct

By bne IntelliNews November 20, 2013

The average gross wages and salaries in the enterprise sector (in units employing more than 9 persons) went up by 1.7% in monthly terms to PLN 3834.17 in October and were up by 3.1% on the year (compared to market expectations of a rise of 2.0-3.0%), according to the data of the national stats office GUS. In the entire 2012, they increased by 3.4% vs. 5.0% growth in 2011 (in 2012, the average annual inflation was 3.7%).
In October, the average paid employment inched up by 0.1% m/m and was down by 0.2% in annual terms, to 5,500.1 thousand (market consensus was -0.2%). The pace of employment's rise in the whole 2012 reached 0.1% vs. 3.2% a year earlier.
Employment in the sector increased for the sixth month in a row, albeit at a slower pace than in September (3.6% y/y), which is attributed to calendar effects (in October of 2013, the number of working days was the same as a year earlier, while September of 2013 featured one day more than September of 2012). All in all, they expect any firmer wage pressures to appear only next year, when wages growth may permanently exceed 4.0% y/y. Currently, the slow economic upturn is accompanied by still low inflation.

Related Articles

Poland rescinds TVN’s fine

Poland’s National Broadcasting Council (KRRiT) has cancelled on January 10 its own decision to fine the US-owned media group TVN PLN1.48mn (€350,000) for covering protests against ... more

Poland’s PKN Orlen launches offer to delist Czechia’s Unipetrol

Poland’s state-controlled oil and gas company PKN Orlen has launched an offer to take over Czech refiner Unipetrol, the Polish company said on December 13. PKN Orlen said it will go through with ... more

Poland passes partial ban on Sunday retailing

The Polish parliament on November 24 passed a bill that bans retailing on the first and last Sunday of each month. The passing of the law – which still has to be reviewed by the Senate and ... more