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

Glass wool production restarts in Hungary after 16-year hiatus

Glass wool manufacturing has resumed in Hungary after a 16-year break, as the first trial products rolled off the production line at a new thermal insulation plant built in northeastern Hungary ... more

Poland signs €200mn deal with ICEYE for reconnaissance satellites

Poland will acquire three synthetic aperture radar (SAR) satellites under a €200mn agreement with Polish-Finnish satellite operator ICEYE, the company said on May 14. The contract comes in the ... more

Erste Group buys 49% of Santander’s Polish unit for €6.8bn

Erste Group acquired a 49% stake in Santander’s Polish bank for approximately €6.8bn, the Austrian lender said on May 5. The Austrian bank, the country’s largest, also agreed to purchase 50% ... more

Dismiss