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Polish economy is slowing down
The economy is loosing its strength. The low production rate in May (only 23% growth) is followed by the dynamic fall of retail sale. GUS (Central Statistical Office) informed yesterday that last month Poles bought only 14,3% more than last year whereas in April there was 17,6% growth.
"High inflation discourages from shopping", said Marta Petka the economist of Raiffeisen Bank Poland. In May it amounted to 4,4% and in May it may reach even 5%. "It causes that the households are more careful in their spendings and they inhibit themselves from buying things which are unnecessary", underlined Petka. Moreover, in her opinion the growing inflation and in result increasing interest rates restrain people from buying on credit.
The economists are convinced that data prepared by GUS provide another signal that the economy is slowing down although it is still developing very fast. This tendency is confirmed by the weaker improvement on the job market.
About the problem on the job market testify the planned lay offs. Since 2 months there is more and more of them, after several months of decrease. The data at the end of May indicate that such plans have 133 factories which want to fire 3,7 thousand people.
