Poland’s gradual recovery in 4Q is set to accelerate this year

Mixed December data from Poland’s industry

Poland’s industrial output was still down on a year-on-year basis in December, but it increased in seasonally-adjusted month-on-month terms

Polish construction sees a solid year-end rebound

Subsidised government credit and EU co-financed investments helped boost the rebound seen in Polish construction late last year

Poland’s wage growth temporarily returns to single digits

Corporate sector employment surprised on the upside in December, though the number of jobs declined by 0.1% year-on-year. A slowdown of wage growth below 10%…

Poland’s retail sales disappoint at year-end

Despite the weaker data for late 2023, we believe consumption will rebound this year as real disposable income rises faster than before the pandemic