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Wage growth quickens to 3.8% y-o-y in May


2012-06-19



The average gross monthly wage in the enterprise sector amounted to PLN 3,618 (approx. €844) in May, i.e. 3.8% higher than in the corresponding period of the previous year, the Central Statistical Office (GUS) reported. The figure is slightly below market expectations, which averaged 3.9% y-o-y.

In the first five months of 2012 the average wage went up by 4.2% y-o-y.

Average gross monthly wage in enterprise sector in Poland (%, y-o-y), May 2011-May 2012

Although nominal wage growth in the enterprise sector accelerated slightly in May, it remained moderate, staying below 4% y-o-y for the third consecutive month. Furthermore, the uptick was in large part a statistical effect resulting from a low comparative base. And the marginally positive real wage growth recorded in May was a consequence of a deceleration in inflation over this period.

While June’s Euro 2012 might exert an upward pressure on wages, its impact will be short-lived and compensated for by an anticipated bounce in consumer inflation. With the labour market remaining sluggish and with the economy cooling down noticeably, wage pressures are unlikely to increase in the months ahead. We forecast than in 2012 wages in Poland will rise by about 4% in nominal terms.

Paweł Sionko

Senior Economist

PMR Publications



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