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

Czech judiciary denounces Poland's move to end separation of powers

Senior Czech judges on July 21 denounced Poland's judicial overhaul as an attack on the rule of law. With big street protests in the Czech Republic's neighbour seemingly gathering momentum – 120 ... more

Strongly profitable Czech petrochemical maker Unipetrol puts cracker explosion behind it

Unipetrol looks to have finally got over the August 2015 fire and explosion that wrecked its steam cracker, an indispensable installation in the production of ethylene feedstock needed to manufacture ... more

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Dismiss