Wage growth at 5.5% y-o-y in 2009
2010-02-10
The average gross monthly wage in the national economy amounted to nearly PLN 3,103 (approx. €717) in 2009, which is 5.5% higher compared with the previous year, the Central Statistical Office (GUS) reported. Allowing for inflation, which in 2009 amounted to 3.5%, in real terms wage growth in Poland was about 2% last year.
By way of comparison, in 2008 the average gross monthly wage in the national economy rose by 10.1% at current prices, which in real terms translated into growth of 5.9%.
With the outbreak of the global economic crisis, the rate of wage growth in Poland slowed considerably in 2009. Nevertheless, it remained solidly positive, which was a major factor supporting domestic consumption last year.
Despite the improvement in economic conditions observed in recent months, one should not expect a marked acceleration in wage growth this year. It will be held in check by the modest pace of economic recovery and the associated continued weakness in the demand for labour, as well as by persisting uncertainty about the durability of the global recovery. Therefore we forecast that in 2010 nominal wage growth in Poland will not exceed 6%. At the same time, with the anticipated drop in inflation, the rate of real wage growth will increase to about 3-3.5%.
Paweł Sionko
Senior Economist
PMR Publications
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