PIE: Very good results of the industry and labor market in February

Luc Williams

On Wednesday, the Central Statistical Office reported that the average gross salary in the enterprise sector in February 2024 was PLN 7,978.99, which means an increase of 12.9%. on an annual basis. In turn, employment in this sector decreased by 0.2% annually.

“The labor market remained in very good condition in February. Wage growth in the corporate sector improved from 12.8 to 12.9 percent. y/y. Due to the rapid decline in inflation, the purchasing power of these salaries is now approximately 10 percent. higher than last year – this is the best result in over 10 years. Similarly, the dynamics of the minimum wage is record-breaking. Employment did not change significantly – it decreased by 0.1%. compared to January – wrote Marcin Klucznik, an advisor in the macroeconomics team of the Polish Economic Institute, in a commentary on the Central Statistical Office data.

He added that he expected the high rate of wage growth to continue throughout 2024.

“The main drivers here will be economic recovery and the minimum wage. A strong increase in wages will allow consumers to both rebuild savings lost during the period of high inflation and a noticeable increase in consumption,” said the PIE economist.

The Central Statistical Office also reported that industrial production increased by 3.3% in February. on an annual basis, and compared to the previous month it increased by 0.7%. According to Marcin Klucznik, this means that the industry is returning to the growth path.

“The Central Statistical Office also raised the estimate of industrial activity in January by 1.3 points. percent 24 out of 34 basic industries are growing. At the same time, PPI producer prices remain in deep deflation – currently the decline reaches 10.1%. y/y. With the economic rebound, we will see better industrial performance and normalization of PPI,” said the PIE economist.


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