A month of growth in June
Following the temporary moment of weakness in May, consumer moods have now improved greatly in Poland. The TNS Consumer Index has increased by 3.7 points on May values, settling at 10.00. This has been the highest outcome since the beginning of the year.
Eurostat reports that Poland's quarterly GDE has been the highest in all EU, unemployment rate continues to fall, and forecasts for the primary economic indicators for Q2 are favourable. All of this has made a good impression on consumers. Add to that the news that the high and stable economic growth is going to increase demand for employees (which makes predictions of a 7% pay increase in the enterprise sector highly realistic), as well as the 300 plus school kit subsidy for all pupils recently announced by the government, and it suddenly becomes clear where such high Consumer Index values come from.
Consumer moods are on the right track again and, following the recent substantial dip, went from 4.5 points in May to 8.8 points in June. The percentage of Poles who expressed favourable views on the general status of the country’s economy has also increased, with nearly a quarter of all Poles expressing positive opinions in that regard. We have also seen a 3-point increase in consumers who believe that the current economic status of the country is better than it was a year ago (26%). The share of consumers who predict that the status of the economy is going to improve further in a year has increased as well (going from 27% in May to 32% in June).
Let’s hope that the upcoming vacation season is going to support this trend, bringing favourable evaluations in the subsequent months as well, with forecasts for the primary macroeconomic indexes staying as optimistic as they have been so far.