The consequences of the crisis are visible. Poles are buying less and less

On Tuesday, the Central Statistical Office released retail sales data for February. Compared to last year, sales fell by 5%. Compared to the previous month, the Poles bought 3.6 percent. less. After excluding seasonal factors, retail sales in February at constant prices were 4.1 percent higher than in February, according to the agency. lower than in January.

Poles do not buy fuel

“In February 2023, the largest decrease in retail sales (in comparable prices) compared to the corresponding period of 2022 among the presented groups was registered among the entities trading in solid, liquid and gaseous fuels (by 26.2% against an increase of 22.1% per year to ). Sales also decreased in the following groups: “other” (by 12.3%), “furniture, electronics, household appliances” (by 10.3%), “press, books, other sales in specialized stores” (by 8.9%). %), “food, beverages and tobacco products” (by 4.6%).

“An increase in sales was recorded in the categories “textiles, clothing, footwear” (by 9.9%), “cars, motorcycles, spare parts” (by 7.5%) and “pharmaceuticals, cosmetics, orthopedic equipment” (by 2.7%). %). %)” - read on.

There is a slowdown

This poor sales result surprised many economists. According to mBank analysts, the fall in GDP dynamics in the first quarter will be more than the forecast of the National Bank of Poland.

“-4.1 percent compared to January. This is a really steep descent. It is all the more surprising that consumers have stabilized and even smiled a little (polls), nominal wages have grown faster, and we are entering a tax refund period,” mBank economists write on Twitter.

“The overall data for February is quite stagflationary. Production and sales have fallen off a cliff, and wages refuse to come down. Core inflation is on the move. Low demand slows it down. Wages are going up. The first one will win.” - analysts of Pekao bank summarize.